Don't worry about Koolkar, he'll get his meds sorted out and then he'll be okay.
Putting a V-8 in that truck will be a lot of work. It sure can be done, but you'll need to move the steering column and box.
With either a Chevy V-8 or a 292 you'll want to replace the bellhousing crossmember with one from a '54 or '55 1st to support a later bellhousing that will bolt to the motor. Go with the 292 and you don't have the steering problems.
If it were me working on a college student budget (and since soon I'll have two kids in college, I guess I can identify with that) I'd work to get that 270 going.
Check the tech tips on this site, I think there is a discussion of how to unfreeze motors. I'd suggestion changing the oil, pooring lubricant in the cylinders, exercising lots of patience, and make sure you change the oil again once its broken free. You want to be careful to be sure you don't break any rings.
My daily driver has a GMC 270. That's 4.5 Liters and not a bad size motor by today's standards, plus its real durable and will put up with a lot of abuse.
Shoot, I'd even be willing to swap the running 235 from my '52 6400 for that non-running 270 if you want to bring it by.
Don't tell Koolkar, but I'm thinking about dropping a 454 and automatic in my 6400. Of course, it won't hurt me if it takes 10 years to get that finished.
