If the basic bones are still good. Block isn't cracked, Heads aren't warped. It could be more cost effective to rebuild your current engine, rather than do a swap. That is unless you really want to do a swap, then go for it.
BTW--searching the Ford 390 a complete drop in engine will set you back about $2,300-$3,900. If doing your own labor/installation this is not prohibitive for a rebuilt engine, just be sure to ask what standards they used during the rebuild i.e. new bearings, check tolerances, rings, king pins, push rods, rockers, also always have a new oil pump installed. Did the plastigage the mains or just slap them together and torque them?
Which tranny are you mating it too? If it's an autobox like the C-6. While you are at it go ahead and drop the tranny and have it gone through. Cheap insurance Bands, clutches seals even in light duty will varnish up. A clutch pack that feels solid now, mated to a new stronger engine will have some slippage, will overheat and fail. At minimum if you feel the transmission is ok, change the fluid and filter.
If you have a standard transmission, be sure to check the clutch while you have everything torn apart.