why is the hood off?

yes it is a 408w.

I would also like to know if the 351W block was bored out to a 408 also.... I seriously doubt the compression was high, maybe 9:80's or lower.

nice mustangs ! i like the 87 alot ,put a s/c or tur8o on it it would 8e . also that o3 ran great . was that a high comppression 408 on racegas or pumpgas!