Not unless the shaft were bent or ready to fall out of it...Or you have bent/imbalanced fan on it...I take it you have a vibration issue???
You're asking the wrong question. It's not the block it's got to work with, but the timing cover. If you have an 85 timing cover, it'll work. If you have an 86-97 5.0 cover from a Mustang or pickup/van 5.0 it won't.
Or, as in my case, '89 5.0 block with a '74 timing cover and water pump. The later timing covers are located on the block by dowels, just remove the dowels to use the old cover.
Better yet, use a timing cover from any 1980-up Crown Vic, these all use the dowels to position the cover correctly for the front seal to do it's job. Same cover you're using now, only it's got the dowel holes
Yes, I've been chasing one for a year now. I think I've narrowed it down to either a cam or crankshaft issue, everything else has been replaced.