You would need expensive and extensive laboratory equipment to measure the difference between black and any other color. A water cooled engine sheds very little heat via thermal radiation compared to the heat lost via the cooling system.
Black - runs cooler, won't show leaks as bad, easy to touch up, shows off chrome much better, all round you can't go wrong with black.
I know it's too late but one thing that can look pretty cool is to start with a clean block and pinstripe it everywhere on the raw cast surface. Let the rest of the block rust. The contrast can look really wicked. Some people can't handle the rust though. Butch
OK, some of you missed it. Its now orange. Its somewhat of a 60's hotrod, so.... they weren't black then, car color matching is too custom, so its orange. I've never painted one anything but orange. Don't know what I was thinkin!
Definitely Chevy orange! My sbc in my sedan is black. My thought was heat dissipation. The question I get all the time now: Is that a crate motor? Arrrrgh!