Yep --- it sure is!
<center><img src=http://www.tractorforum.com/fordtemp.jpg></center>
Here is a pic of the same engine in a Ford truck with the temperature pickup guage installed in the block -- It is just in front of the oil filter assembly.
One of the best things done by Ford on this tractors was to install an extra large cooling system. The tempature that you really want to monitor is your cylinderhead. Too hot and you will warp your cylinderhead and blow a headgasket. On your flathead, there is usually a flatboss up by the water outlet that it oftentimes drilled and tapped for a temp sensor by the brave.
I have never done this myself, but I have seen it done numerous times. You can also install a "T" in the radiator upper hose for the temp sensor.