There are a few guys who were buying and selling 70's era 428 industrials for a while. I think one is the guy that has that site. The shortblocks were the HD casting with all stock CJ internals. IUB crank, big bolt rods and stock cast CJ slugs. I'd ask them about the 427 as they would know first hand. There are been some weird industrial engines out there. Some 427's I've heard found with steel cranks and LeMans rods. So anything is possible I'd say.

Tell him good luck and I hope it's a good lead and a Ford 427!