Can't do a search with Y (not enough letters) so I'll ask straight out how to tell, if you can, the difference in Y blocks. Or more specifcally how to ID a 312. I found one sitting still in the frame and it is red with black valve covers and dual exhaust manifolds. I didn't uncover the intake and look at it. I also got a running 56 merc. gave to me (sight unseen) and it is supposed to have a running 312.
Try http://www.ford-y-block.com/Block identification.htm Good info all over this site. Building a T roadster with a 272 in it so its good to get all the info you can
If its a 292 Y-Block dont shun it, it's still a good block. You can hop up a 292 real nice. One of my favorite engines they just look and sound cool.
From the outside, the only way to id a 312 is look for a 5/16 dot on the rear flange of the crankshaft. This way is not infallible though as there are documented cases where there is no dot and it was a 312. The only way to tell for sure is to measure bore/stroke or look at the main caps. 312's use an ECZ main cap. All 56 merc's came with a 312. If its the original engine it should be a 312. If you got a 292, don't throw it away. You can use a 312 crank in the block if you have the mains cut to 292 size.
Did the 292 ever come with dual exhaust? All I remember is the crossover single. Also will the 56 Merc have the little bas 4 bbl. or the standard square flange? I'm thinking 56 Fords had the upright Holley so Mercs do too ?
My Ranchero's 292 had duals on it. Factory not sure? It went through alot of "custom" work before I got it so maybe not.
My first car was a dark green tudor '54 customline w/Merc 312, it had the small base 4bbl, which some called the "Towering Inferno". As a side note, my car also had factory O/D w/4.11's, and twin FOMOCO brand spot lights, most likely dealer installed?