Ford doesn't generally date code there castings. But they do date code design changes. Decade starting in the 40's alphebeticly. 40's A, 50's B, 60's C, 70's D, 80's E... Then followed by the last digit of the year. E7 = 87 or 1987. This is where you will people talking about E7 heads.
But it gets more interesting then that. That is simply the design change. If the part does not change for the next year or several years the nubmer stays the same. E7 heads stayed the same through the mid 90's. The F4 block (351 Roller cam) stayed the same number until the end of production in '97.
So the date codes simply state that the part is no older then the date, but could be newer. I generally give a year error just to be safe. I have seen a few original parts dated a year newer then the model it is attached to. Running change, a part is updated with a '95 engineering date and applied to a '94 model year vehicle (generally toward the end of the model year build).
If I recall, the "T" cast into the heads signifies it is a truck engine. "302" shows it is '68 and newer. The rail type cast rocker arms show it is no newer then '77. I have no reason to believe it is anything other then a standard truck motor. Some bolt on intake upgrades. Who knows what may have happened inside the engine?