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I must agree about the homage to the Ray Wolfe car. To me, this car captures the intended spirit of the '65 GT-350s...even though it is not a GT-350!
That the car, or its remains, may still be out there unidentified, yet so integral to the DNA of SAI and HPM further adds its élan.
(as my car sits at McCluskey LTD basically being over-restored after 50+yrs of being a day-two driver - - yikes)

Steve,
This has prompted me to go back and check a photo I took a couple or years ago which has slightly better resolution. The ribbing does seem vertical (1965). Perhaps one of our tech saavy gurus can enhance.
On a separate note of triviality, I note the tire is not indexed to the schrader valve and the utilization of external weights FWIW.
-Steve A

Although now retired, I worked at LAX. For years that pic was in the pedestrian tunnel connecting the east and west concourses of the Tom Bradley terminal, north wall.
As I recall, the GT-350 had 1966 door panels.

Ernie (my little brother) is a Ford racer and his car is a Ford race car. His racing world is unconcerned with the sometimes obtuse world some of us here (including myself) have immersed ourselves in of contrived ancient 'originality'.
Entirely different crowd, yet 100% Blue Oval, and these guys lay it down.
To the engine: 440 cid alloy built around 10 degree CFE heads. Dave Lyall and Chris Holbrook are his brain trust/colleagues.
1000 on Chris' dyno, single Dominator on Q16.
BTW, Ernie was a regular at COCOA/Orange County back in the 70s (prior to the creation of SAAC) w his high school first car: a '64 HiPo K code Sport Coupe!

(pic#2 a diff, preceding motor. SVO iron blk, Edl peanut port hds, 850hp)

What a bunch of presumtive balony.
1965 Shelby Mustang GT-350s were not equipped with sideview mirrors.
Nor was there an option for one.
Every sideview mirror on a 1965 GT-350 is an ad-hoc day-two modification by some non SAI guy taking a drill to the car and putting on whatever mirror they felt like putting on.

Jim Wallace street-driving a Cobra Daytona on the Santa Ana Fwy -during rush hour no less- was truly a sight to behold.
Petersen/Wilshire to Pacific Stereo Anaheim where we held our COCOA meetings was not for the feint of heart! Musta have been 1975 or 1976 best I can recall.

hmm, that's a good point. perhaps -in the spirit of selfless re-unification- the owner of the chassis might donate it gratis to the owner of the engine.

It is your engine, sell it as you please.
There are some sub-points when assessing it's value:
-has the block been bored? 289s are shakey over .030 requiring at least a sonic to go .040, then sleeving 8 comes into play which is time consuming, uncertain and expensive;
-the block, if already bored .030 and without caps, is really valueless to anyone except that one VIN owner, the other engine parts usually live on if intact or not mortally modified.

The S1MS intakes were produced by Offenhauser and bear a small OECO stamping underneath on one of the casting plugs.

This sale, and the cars strengths and weaknesses, comports w 039's recent sale at 1.1M.
The 65 market right now looks extremely strong across the spectrum.

Hi Charles,
I totally get it.
Not a ping to the concours guys who consistently 'up the game' to all of our benefit.
Actually, running the SAI owner's manual 'book' caster w the locker was never intended (imo) for street ops, u-turns are a tough customer, better suited for high-speed longitudinal stability.
Keep up the good work.
-Steve A

1.1 super-large for a '65, YOWSA.
Those strut rods are a real head-scratcher though, glad to see the owner/restorer was more concerned w drivability than concours-correct. Very few of us left seeing street duty.

The crankshafts utilized were highly modified C1TE 8 counterweight raw forgings, originally intended for a 292 Y-block truck application.
They were initially obtained by Ak Miller in his capacity as FoMoCo's Performance Advisor for 'outlaw' use in his 'Cobra Kit Special'. This was a Tojeiro/AC chassis'd, fiberglass bodied roadster for the 1964 Pike's Peak Hillclimb event. The intent was showcasing the efficacy of Cobra Kits in which Ak worked in close collaboration w SAI in developing and promoting on behalf of Ford.
In getting this going, Ak worked w longtime associate Alex Alexander, owner of Crank Shaft Company (CSC). Hank Bechtloff was an employee of CSC who is credited with doing the work.

Specifically:
-the 292 inherently shares the same cylinder bore spacing as a 289 (which is also why Gurney utilized Y block OEM shaft rockers on his later Gurney-Weslake cylinder heads);
-the C1TE required significant machine work on shortening the snout, thinning and re-contouring the forward counter weight and forward main journal, and significant modification/creation of the aft flange which the raw forging fortuitously allowed. This got it into the 289 block;
-once in, the (originally intended) 3.300 stroke was reduced to 3.25, and crankpin diameter reduced from (intended) 2.188 to 2.00 (a 289 crankpin is 2.123);
-CSC and Ak utilized a CSC I-beam/capscrew connecting rod (itself an impressive piece circa 1964). Connecting rod inserts from a 215 Olds application were utilized;
-from this CSC did have a short term marketing of this set up with the capability of up to a 3.45 stroke through offset grinding;
-it was not a secret, nor was a seller;
-it was covered in the aftermarket press with little fanfare, the Oct 1964 Hot Rod mag being notable;
-the Shelby American engine shop of this period was comprised largely of CS hires from Culver City, Gardena, and Whittier. These were the guys who built the then-terrifying engines for the 289s: roadsters, FIA, USRRC, Dragonsnakes and Daytonas;
-the 325 project was concurrent with SAI's reception of the GT40 program from FAV and SAI's initial push to go 289/wet sump with their on-property staff;
-this was prior to any Dearborn involvement or any SK,XE,C6FE,C7FE parts for the 289;
-this was all to change after LeMans 1965 through classic 'mission creep' as Dearborn took increasing control to the point where they were shipping sealed E&F and HM FE engines, through the later TP302 debacle, etc. All at the expense of the SAI engine team, many of whom re-migrated to Culver City and the remaining  SAI engine shop was basically reduced to sell formulaic 'R-model' engines via catalog. (It probably wasn't until the 1969 Revson 'Shelby' B302 program utilizing  Falconer & Dunn that local engines were used;
-couple loose ends: CSC was a super top tier operation, this was no Speed—O-Motive nor later PAW, and yes Hank later split off circa 1971...still a legend.
This entire topic is classic Ak Miller, a major player, whose seminal involvement w early SAI is largely lost to history and not a part of the SAAC narrative.     
(pics attached)                     

396k for a 'driver' 65 ain't bad (even if it did have many of it's bonafide parts-which is unknown).
This car could soak up another 100-200k to bring to pristine.

Peculiar. This 325 cu in hp/tq interplay is way off (by being the same) for a 90 degree presumably hi-perf V-8 (as opposed to say an agricultural pump-motor).
Although it could be many things, most initially look to an intake tract/ cyl head restriction, especially if/when the tq is in an 'expected ballpark'.