There is no real advantage to modeling a cast engine as a block and removing material feature by feature, since casting is a net shape forming process anyways. It may be beneficial to use your proposed technique when designing parts which are machined, since it then becomes possible to represent the part at various stages of its machining process through feature suppression.
For something as complex as an engine block is best to capture critical geometry first (working axes, critical/mating surfaces), build UP the model using simple features(k.i.s.s. principle should be used), and finish the model with features that make the part manufacturable (ie drafts, rounds).
good luck