What is this and why would it be there?

Our virgin 340 block had exactly those same machined grooves in the sides of the block above the lifter bores. So I do not think that is a sign of a roller cam being in there before. (Our block had sat in storage for 30-40 years with Dick Titsworth in Toledo. It might have been some sort of block for his '71 Cuda ... did not ask!) You can see the lower edges of some of them in this pix; they were above each and every lifter bore.

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thats interesting. i have never seen those on a 360 block...and i've owned/seen alot of those roll by. I have never even touched a 340 block however, so can't speak for those. interesting. thanks for sharing.