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OK The Time Has come
While I do not have the ultimate answer to the question either, here are the facts.
Experts say both that the FE label stood for both;
FORD EDSEL because it was the 352 that came out in 1958 and went in the Edsel as well as the Fords.
Ford Engine for various and obvious reasons
Also, The Farm Engine was more of a slang used but it was popular back then because the FE WAS USED AS AN IRRIGATION PUMP in the 50's and 60's. High torque at low revs.
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