Depending on the kind of bellhousing you're using, there may or may not be enough clearance for the bellhousing or transmission. Certain automatic transmissions will need to have the center of the crossmember lowered and reinforced to keep the angle of the crankshaft and driveshaft correct. Most engine/trans assemblies aren't level with the ground- - - -there's a little bit of tilt toward the rear. The engine centerline and longitudinal tilt should have been mocked up with a bare block and an empty transmission case before the M-II suspension was welded up.
Jerry

"It is better to be silent and be thought a fool than to speak and eliminate all doubt!" - Abraham Lincoln
Cringe and wail in fear, Eloi- - - - -we Morlocks are on the hunt!
There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self. - Ernest Hemingway
Love your enemies and drive 'em nuts!