[Daves55Sedan]

Color looks about right. I have an older version of the Ford red hi-temp enamel that seems to have a little more of an olive/orange hue to it which closely matches the original color, but most people now are using a modern red ceramic paint. I have had bad luck with the ceramic, it washes right off with any solvent during cleaning.
Yes, the stamped metal parts are hi-temp gloss black. A little tip, when doing the rocker arm covers, mine were pristeen, so I did not re-paint, so I covered them up with cellophane and tucked the cellophane underneath the gasket surface, then set them on the head so that paint overspray could not get on the outside of my covers nor inside the rocker mechanisms.
The only other metal parts which are not black are the air-cleaner and power-steering reservoir, those are painted with durable Ford Argent silver, also available at repro parts suppliers or at your neighborhood Ford dealer. I recommend NOT using hardware store silver paints. They will all wash off easily with solvents.
Yes, you can install engine with trans already in the car.