yes it would be a great engine for your truck.
and you have a 500 hp torque pig at a resonable cost. but if you want more it will be more exspensive than for example a chevy bb.
you can read more @ www.cadillacpower.com - great forum.
i have a -71 500 in my 56 chevy truck and it pulls great. the only problem is that the engine is a bit longer than a chevy sb and it is a problem to use a real good working cooling fan. but i am working on it.
-anders
my 500" chevy truck