Brian,
I think you are right, I found the following info. from a member on the inliners site...
Some info I found.
First digit for plant:
"F" for Flint, Mi.
Next two digits for the month:
In the 50's and 60's, Chevy used a Roman numeral " I " for the number " 1 " in these engine assembly dates. Don't mistake this for a capitol letter "I".
Next two digits for day of month.
In 50's and 60's the year was not used.
Next the Code:
The "suffix code" Chevy used one to three letters of the alphabet to code the type of engine, transmission and vehicle into the suffix code.
In later years, parts of the Vehicle Identification Number (V.I.N.) were also added before or after the Engine Assembly Date/Suffix code.
Brian, you also have a PM