Gregg,

That does not look like an Engine Serial Number code format for a 1948 235 Loadmaster:
http://www.1954advance-design.com/chev-specs/1948-Chevrolet-t-ser.jpg

Your format is more like a later 235.

Post the head and block casting codes, and the head and block date casting codes - they should help ID the engine:
http://1954advance-design.com/Web%20images/casting-code-photos/codes-ser-nums.html