Since you need a water pump anyway, now would be a good time to install the adapter that allows a 216-style water pump to be installed and put the fan position back up where it needs to be. One of the forum members here makes those items and sells them on Ebay. You'll need a water pump for a 54-early 55 235 engine with the narrow fan belt pulley to complete the installation.

Try getting the engine running and drive the truck awhile before deciding on doing a full rebuild- - - -just a freshen-up might be all that's needed depending on compression, oil consumption, etc.
Jerry

"It is better to be silent and be thought a fool than to speak and eliminate all doubt!" - Abraham Lincoln
Cringe and wail in fear, Eloi- - - - -we Morlocks are on the hunt!
There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self. - Ernest Hemingway
Love your enemies and drive 'em nuts!