I have a 327 in my 58 2-ton. Supposedly those were a well rounded engine. Good balance of power and economy.
I guess it depends on what you want from your truck.
With the info you provided above, I am assuming the engine it came with is a V-8. 327 is bigger and newer than original but, a good running newer 350 may make more power and get better mileage (depending on build).
