The model T engine was really interesting in that it ran on a variety of fuels. In the 1980s when all the hype of "multifuel engines" came to Australia it made me laugh somewhat. What they meant by multifuel at the time was that it ran on (a) petrol; and (b) LPG. On the other hand, the Model T engine was a true multifuel engine. It could run on gasoline, alcohol as well as on kerosene and heating oil. Before fuels were properly standardised in the United States, it was a very versatile engine to have.
The only problem with putting the engine in aircraft was that it did not have a lot of power. Most of the time, when power was measured it was around the 18-22 hp range. I think this would have barely lifted the Pietenpol off the ground. A second problem is that the fuel burn was pretty high, similar to the fuel burn of today's 80 hp Rotax. The third problem is that the T motor relied on the thermosyphon effect to circulate water in the cooling system, that is, it had no water pump. On a sizzling summer's day, after a lengthy hill climb, many Model Ts ran very hot. I would hazard a guess that putting a Model T engine in an aircraft would have led to overheating problems unless an oversized radiator was used along with a water pump.