The decoding works as day-month-year-inspector. The first letter "0" appears to be incomplete; month is November, year 1965, inspector K.
That's not what we usually see on these type of markings. Year is normally first, month, day and then an internal code.
I would take 0L5K to be November 5, 1970, K shift/worker.
Is the engine actually a 289? It may be a 302? Easy to tell by taking a pic of the engine at the back of the intake. If it's flat, it's a 302, dished, 289. If it's flat, there will probably be a partial VIN there from the car the motor was originally installed. It will be something like 0F123456, 0=year, F=assembly plant, 123456 is the unit number, which should match the VIN.