I found some information in Dave Bean's English Ford Racer's Catalog (I advise getting all of Dave's catalogs for the information and insights alone. There is a lot of good information in them!). It wouldn't make a lot of sense to just discuss particulars of that block without comparing them to others - and to be candid, I'm not capable of judging most of those particulars. According to the "comments" section on the chart of all the Kent blocks, the 701M were cast specially for Lotus and had a thicker cylinder wall and the letter, 'L' on the left hand side. Dave did not say they were rare, but if they were a Lotus-only block, that would most likely be true. That probably implies that it was the original block. Having thicker cylinder wall would increase rigidity and/or allow for more aggressive/safer over-boring. For that reason, they would probably be desirable for building a racing motor.