99 problems and a Ford ain't one.

get the right year 383
you need to do an autopsey on the 340 or it's sale value will suck
cut the oil filter open, compression check, do the lifter oil loss check with electric drill and hex while having someone pulling crank around slowly, starter can be too fast
get the fuel pressure under control as 383's need love too
but no reason to risk spun bearings or throwing a rod with micro grit in the oil
actually you may be lucky it won't run
cheers