Very good post, Skooter
I would not have converted to the 3.55 rear AND taller radial tires on my '48 216 Panel or on my 54 235 Suburban, when I lived in the foothills of the Blue Ridge mountains in VA. Especially when both engines were tired.
I would easily go with my rebuilt 235 and either the 3.55 rear OR the taller tires (taller tires being easier and less expensive).
I might go with both the 3.55 and taller tires, and hope to be able to put up with a little "lugging" every so often (on non- Interstate driving).
Where I live now and where I'll live in NC would be no problem.
And, my 261 with the 3.55 and taller tires drives anywhere with no problems.
The moral of Skooter's and my comments: consider where you will be doing most of your driving AND consider the power/condition of your engine.