Update: I seem to have stumbled onto a solution to my trucks perceived reluctance to go over 40 mph. I have done the timing and adjusted the valves to solid lifter specs. At some point lately I realized that the truck most likely has hydraulic lifters instead of solid ones. Well, to make a long story short, it does indeed have hydraulic lifters and now I have readjusted the valves accordingly.

This change made all the difference in the world! I actually saw 50mph today on a short test drive and now I have more worry over the truck careening off the road due to suspension and steering inadequacies or brake failure than I do about any engine issues. It is so smooth and quiet it actually seems like a new or different truck. Needless to say, this makes me very happy.

When I originally adjusted the valves, the clearances were mostly too big for the regular lifter type engine, so I tightened them down a bit to supposedly get them in specs. It makes me think that either my grandpa adjusted the valves a long time ago while assuming it had the solid lifters or, he had someone else do it who assumed that my '53 PU actually had the '53 motor in it rather than the car-sourced '58 that it does have.

Anyway, great learning experience. And a happy ending too, so far.

Now, just have to get the brakes up to snuff, replace the shocks and tires and rebuild the front end and it should be good as new!