Your taste may differ, but for me a 460 is waaay overkill. As for a flathead, unless you find a very good one at a good price, overhauling one of them properly is quite expensive (ask me how I know). I agree that a small block ford would be a good choice. Also allows you a wide choice of transmissions with all stock parts, no adapters required. Ray
If you have both, the 460. Although it's going to be tough to dress one up as anything other than a 1970 motor. You're limited to a tunnel ram, 2x4, 1x4 or a huffer manifold. I'm sure their might be something else I don't know about. Maybe do a search on here or Google??
That Mark V is just coming into it's own as a collectible car, unless it's wrecked or rotted out I would shop it around as a whole car, and use the proceeds from selling it to build the flathead.
Sell the 8BA and the 460, and get a 354 Chrysler Spitfire. Weiand or Cragar 4x2 manifold and a magneto. Then run with the hood off like Chris50 used to do. Pure awesomeness.
331 Cad make it a Fordillac. The 460 is going to be a pretty tight fit, not that I have anything against a tight fit. The flatties is a fair choice if you have access to a good one. Either will do just fine. The 460 will pretty much require a full driveline swap. It s gives you a modern driveline I suppose of that is what you are after.
If you want to keep the stock rear end and front end then flat head. If you are up for a rear end swap and like the idea of having a 460 gas hog then the 460. My opinion is find an early 60's ford truck take the y block and ****** out and put that in your coupe then sell the truck as a roller. The 50 rear end should handle a 292 2 barrel just fine. Rebuild all of the stock front suspension and put a dual res master cylinder and you should be good to go.
Depends on which lane you like to drive in. If you like the left lane, go for the big overhead. If you are fine with the right lane, build a flathead. By the way, if you use the 460, don't forget to change the timing chain to the early one; it will make a world of difference in the performance and mileage.
I had to convert this over to Chevrolet so I could reply. Re: 50 Business Coupe 235 or 454? I would go with the 454. 235's are cool and all, but a 454 would be more fun.