Yes. Only make sure you remove the 5.0's timing cover alignment dowels before bolting on an early cover. Then you'll also need to leave the cover bolts loose and install the balancer (or use an alignment tool) to make sure the cover is on straight to avoid leaks from the front seal.
Thanks...i'm going to be putting together my 347 shortly, and was wondering about the dipstick since I'm going to have to use the front sump pan. Being able to reuse the original timing cover should solve that issue. Thanks again...
Depending on what 5.0 cover you have, you can still use it with a front sump pan. All you need do is drill a hole for the dipstick tube in the same location as the older cover.