$1.000 for a 428 sounds like a used non-CJ non-PI engine. The problem is, How Do You Know You Are Buying a 428? You could be buying a 352 or 390, or a truck engine. Only way to make sure is measuring the bore. Forget casting marks. Ford never had a consistant marking system and there is always an exception to every "if it has this mark, it's definitely a ______"
Then you are going to spend at least $2,000 for inspection, machining, (assuming the block is good), balancing and assembly.
Then you are going to spend more $$$ on new parts.
And just like building your own home, you will justify spending a little more while you are at it and do this and/or that little extra that can "only be done when rebuilding".
If you don't Magnaflux and Ultrasound the block you may be putting money into a sieve. Or an instant boat anchor. Or a troublesome engine that you can never get running right. Or an overheating behemoth good for just starting it up in the driveway on very cool days, never mind driving it.
If you try to assemble it yourself, you better know what you are doing. Ford FEs are fickle and very unforgiving.
These are the reasons most go for the small block. More of them, more parts, less hassle. However, You never got the nostagic look of the FE nor the sound of a Ford BB when you stomp it.
I have had very strong running 390s and even a 13 second 352. Making 500 HP out of a 390 is costly and would probably make it a high maintenance engine. Obviously much easier with a 428. The Hot Rod people can make 450 HP out of a 390 but in reality, they have resources most of us don't have. Here is the link to the story site.
http://www.hotrod.com/webonly_january/index.html
Here is a tip; look locally for a rusted out unrestored 66 T-Bird. They usually can be picked up cheap. If you have a junk yard that has older cars, careful with the 428 claim, always verify by measurements. Old police cars had engines replaced by Fred Jones Rebuilt 390s. I fell for that one once. Look at the FE forums regularly and ask for what you want. Here are some of the best:
http://www.network54.com/Hide/Forum/74182
http://www.network54.com/Hide/Forum/goto?forumid=21142
http://www.clubhotrod.com/forums/for...php?forumid=31
http://www.fomoco.com/forumfe/
http://www.428cobrajet.com/forum.html
http://www.428cobrajet.com/
http://www.voy.com/49343/
http://www.ford-trucks.com/cgi-bin/d...conf=DCConfID1
http://www.grantorinosport.atfreeweb.com/sjc.htm
http://mix.twistedpair.ca/pipermail/galaxie/
Some of the above are informative sites and not forums but they relate to Ford FE engines. My favorite on Ford FE info is this one, a must read for the FE fanatic:
http://www.mustangandfords.com/techa...999/index.html
Here is a place in the State of Washington that sells rebuilt 390 engines from $1,150 to $1,250.
http://www.ford-motors-engines.com/f...tang&Go=Go#390
Here is a good site for Ford FE related literature.
http://www.motorhaven.com/enginemanual.html
IMHO there is nothing better than a well built FE. Go for it, but usually this is not an economical engine.
Good things demand a price, but they are always worth it.
Hope this helps.
Bob