This is a 3-1/2 Lire 6 cylinder from 1950 but similar to '48.
The 3-1/2 Litre at 125 HP would be the highest performance version of the three.
Without seeing the X on the head my guess would be that it may be some sort of extraneous mark.
The only high performance engines were Bronze heads on SS 100 [optional ]
It would also be interesting to see the pics of the other MK IVs being compared.