If a freeze plug popped, you might have a cracked block. I´m not familiar with Ford, but on CBB it is common that the block crack above the lifter area if the plugs pop.
well if it doesnt go back to together ill sell it, take the baja i have out for memorial day, sell that after and buy the 34 fountian i want with twin 502s and bravo out drives its a 89 but i love it