I have to disagree with what was stated above - there are NO oil galleries down that low in a small block FORD. That is NOT an oil pressure port.
IF the hole goes all the way thru the block, it could [possibly] be a water jacket drain hole but I'm wondering IF it goes all the way thru. Water jackets don't go that low either. Test it with a 1/4" bolt or a small piece of wire and see if it bottoms out about 1/2" in.
Doc