I needed the same Info, so I called Tech Support. It took them about 10 minutes, to check it out. They said it really did Not Matter, but most people put the Blue Stripe toward the Intake!
Here is a copy of top 10 FAQ from Federal Mogel Web Site!
See Item #3
Fel-Pro offers technical assistance from 7:30am to 5:00pm central standard time. ASE professionals will answer your technical questions related to engine sealing. They're available by calling 800-325-9353. Many callers have the same questions. We've compiled a list of the most commonly asked questions in this section for your information.
Top Ten Tips
1. Ford V6 & V8 Engines - Most Ford "V" style engines have directional cylinder head gaskets. Allways follow the "Front" stamp on the gasket to locate toward the front of the engine (toward water pump). Following the Front stamp may require the gasket to be "flipped" over in appearance.
2. Head Gasket "Metal Webbing" - The metal webbing between cylinder armors/combustion seals are non-directional. Installation may require the webbing to face the engine block OR the cylinder head depending on the application.
3. Fel-Pro Blue Stripe® - The Blue Stripe on Fel-Pro gaskets is a registered trademark and does not indicate the top or bottom of the gasket. Make sure to follow directional stamps and/or the instruction sheet for proper gasket positioning.
4. Water Temperature Gauges - A water temp gauge only indicates the average temperature of the engine's coolant. A water temp gauge does NOT indicate the cylinder head casting temperature, in which, the head gasket is subjected to.
5. PermaTorque® Gaskets - When installing a cylinder head gasket which has a stamped part number suffix of "PT", you do NOT have to retorque the gasket. If desired, it may be retorqued when using standard head bolts (the amount of clamping force against the gasket only increases and will not damage the gasket). Do NOT retorque if using Torque-To-Yield (T-T-Y) head bolts.
6. Flatness & Surface Finishes
7. Replacement of Head Bolts - In most cases, T-T-Y head bolts should be replaced. Standard type head bolts need to be replaced only if the bolts appear to be stretched or damaged. Typically, standard head bolts are torqued to a foot pound value only. T-T-Y bolts are torqued to degrees of rotation as final tightening. In most cases, T-T-Y bolts are stretched after use and should be replaced.
8. When to Apply Sealer to a Head Gasket - If the head gasket is a full metal body gasket (except multi layered steel design), sealer is required on both sides. One sided metal gaskets require sealer only on the metal side, but may be applied to both sides.
9. Core Sand Relief Holes - Some cylinder head gaskets do not have the same number of holes as the engine block or cylinder head. This is normal. Some of the holes in the head and block are actually called core sand relief holes which allow the core sand to drain out after the head or block has been cast at the foundry. Engineers test the castings to determine which holes should be completely open, closed or partially open to meter the coolant through the engine.
10. Intake Manifold Coolant Port Block-Offs - Some intake gaskets purposely block off coolant ports to enable the engine coolant to flow in a predetermined path through the engine. If these ports are not blocked off it could create a short circuit in the cooling system.