Putting that aside... nice truck! The 228 is manageable, but if you want to rebuild it yet strive for originality, a 270 or 302 would provide much more power - and look good. They bolt right in sharing the same dimensions as the 228.
However, more power really is determined by your need and how you plan to use it. The 228 is perfectly fine for dubbing around, errands, and work. These are strong and tough engines.
Pros and cons to 12V. More pros than cons in my opinion. With a few modifications you can install a 12V battery, alternator, switch out 6V bulbs, and a few more changes such amp vs voltmeter and coil. No need to change the starter or flywheel. Roadside maintenance, battery charging, and availability of parts at the local store are advantages.
6V is fine, but every connection needs to be clean, bright, and tight - as they say - to have a good performing 6V system. An aging wiring harness may need attention to keep the 6V in good operating condition.
Split rims went the way of the dinosaurs after the meteor hit the earth and wiped out the rims - and most shops today won’t touch them. There are better 8 lug options for those now... 19.5” rims will fit the bill with radials and suit you fine. What is the rear gearing? 5.10? 4.56?
I don’t see how the value will be adjusted much if it has modern or tubeless rims. original rims are a strong consideration for rare or unique vehicles or showing it for points at the Concours d’Elegance on Hilton Head Island. Yet, keep them in the back room should a buyer want them.
I wrote a post awhile back about the costs to rebuild - and how fast the price tag can go up. The price range you mention seems ‘about’ right. But, research this site, ask questions, learn a little more, and then speak to the rebuild shop with more knowledge. You may be able to assemble this engine yourself with a modest investment in DIY tools - and learn a lot in the process. But, I understand this route is not for everyone.
These are surprisingly or relatively straightforward engines. - Believe me when I say - “if I can do it...you can too. If you want to invest in basic tools, rather than paying someone - and stretch the envelope and learn a new skill - then this route is feasible. There are highly skilled and knowledgeable people here that can guide you through this - and others will learn along with you at the same time. But again, this is not for everyone’s unique situation.
Last, your best resources to have at hand are the 1947-54 GMC Shop and Repair Manuals. I believe there is a separate Assembly Manual too. eBay is a good source for those - and I find the original ones have better resolution and picture quality. Between self study in the manuals, and the people here - you will enjoy an optimum running and reliable vehicle (over time).
Last edited by tom moore; 01/03/2021 2:12 PM.