The C7ME casting ID on the block outer wall molds appears on 352, 360, 390, 410 and 428 blocks in Ford, Mercury and Ford light truck FE applications. It has no particular significance except that it means you have a 1967 model year or later block. The C7ME marking was only used for a year or two, pretty much gone by the end of '69 model year.
1912 Model T Ford touring Salmon (ugh!)
1913 Model T Ford Touring original Black paint
1915 Model T Ford Roadster Black
1915 Model T Ford touring Black of course!
1967 Cougar GT 390 Cardinal Red / Black
1968 Cougar GTE 427 Augusta Green / Saddle
http://www.supermotors.net/vehicles/registry/15029/50071-2