In 1979 my mom brought home an Epiphone FT120 from our local music store. Thus began my illustrious career playing guitar.

Yet another example of Japan's manufacturing capabilities maturing in the 70s. There is not a lot of comprehensive, authoritative info on these but here are some examples.

The cheapest was the FT-120, the most expensive seems to be the FT-570 (jumbo, BL = blond = maple back and sides). There was also an FT-130, FT-133, FT-134, FT-135, and FT-335 that were all grand concert size/shape/body style.

They are generally bolt-on necks which is certainly a rarity in the acoustic guitar world. There is a joint where the headstock joins the neck. They have a metal carrier that the plastic saddle rests in. This carrier is suspended on two screws giving you adjustable action. It does subtract from the tone however. The easiest and least effective way to deal with this is just get the neck angle set right, and make a new nut that is the appropriate height when the metal carrier is bottomed out against the wood bridge. Then just leave the screws aside.

I can testify that they are wonderful sounding guitars for a budget instrument. I would put my severely abused 1979 FT-120 against most guitars at Guitar Center costing under $300.
The more you spent, you get enclosed tuners, nice binding around the sound hole, nicer body binding, and rectangular fretboard inlays. The TOTL models have a one-piece set neck, fretboard binding, headstock binding, and some have rosewood sides and back.

Of the four different guitars I have seen in this model series, ALL had at least one internal top brace coming unglued. My poor mom's FT-120 was practically a box full of kindling wood by the time I got my hands on it to restore it.

If you are trying to buy one used, plan on regluing a brace or two. It will be well worth it. Most of the bolt-neck models go for well under $250. Some even go for under $150. Since they have a bolt-on neck, you can always shim that puppy and keep rockin!