Terry Kangas wrote:
You can do it, but it's more than just installing the right water pump. Ford changed the external parts of the 302\5.0 quite a bit between pre 1978 to 1979 and later. Let's see if my memory is any good. The long block essentially is the same. Assuming the "new" motor is NOT an HO you need to use the "old" style: Timing cover, water pump, harmonic balancer(??), pulleys, accessories, and brackets. If you are staying with a carb, the intake will obviously be different as will the oil pan and pickup tube. You will need to use the old pieces. Use your old exhaust manifolds. There are air injection ports (smog pump) at the rear of each head that will have to be plugged. They are usually tapped and can easily be capped off with pipe plugs. The spark plugs will be a different size and thread pitch. You'll need to do some cross referencing to find the correct plugs. (small plugs with a narrow gap for the point type ignition, in the correct heat range). I don't think you can do this with an HO motor but I don't recall why and could be wrong. The firing order is different but IIRC there are other mechanical differences. Maybe someone with more knowledge or a better memory will chime in on this. Of course, part of what makes an HO an HO is the fuel injection. If you are going to use the fuel injection, regardless of which engine you have, I would stay with the newer accessory train. (FI is a great mod for an older car. It takes a bit of work though). In short, strip your "new" motor down to the long block (block, heads, and reciprocating assembly). Install all of the missing parts from your old motor.
As for deleting the power steering, the only advantage on a driver is fewer parts in the steering system. Again with the memory thing, I think the 68 had "linkage" type power steering. There is an external hydraulic ram and a control valve on the center link, as opposed to a recirculating ball steering box. There are lots of places to leak and parts are (used to be?) pricey. On a race car, it would be less load on the engine and less weight. If you are going to drive the car for pleasure I would suggest keeping the power steering if you can. Have you ever driven a car without it? Many folks today haven't. Down the road is ok, but parking lots can be a bit of a challenge. There's a reason that power steering became standard equipment ;) Good luck with your swap. That Ranchero is a way cool ride, I've always wanted one. There is a fellow who posts updates here about restoring a 1966 Ranchero XL. Drool...