Hi Tai,
The engine is Ford Red (orange). The bellhousing and transmission were not painted. Also, if you have a 2 speed Ford-O-Matic that is an incorrect transmission. All automatic shift early T-Birds have a 3 speed Ford-O-Matic. It acts like a 2 speed because it starts in mid range and shifts to high. If you floor the accelerator pedal from a dead stop it will start out in low gear. If it doesn't than adjustments are in order.
Lew
'57 Colonial White T-Bird
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Lew Bachman
1957 Thunderbird