Depending on how the motor is set up and tuned it may not be greatly over powered. As Kris said above, The Ford Industrial with Gouvenor cut that engine down to between 30 & 40 hp. Used in Skidloaders, Sweepers and many industrial applications it was a very reliable engine.That engine was used in English Fords for 20 yrs before they were ever seen stateside. There was even a Formula Ford Racing series based on that engine.
I have a 1966 and 1962 Ford Cortina, that engine looks close to what's in the 66'. Something just doesn't look right with the exhaust manifold. Been a few years since I looked at it.