Hey Barcho - Nice truck! I have a '49 just like it, and I've asked and answered the same questions for my truck with the help of folks here, so here's my $0.02.
I ran 6 volt pos for a while, and eventually switched to 12v neg with a 12v generator. Nothing wrong with the 6v, but I wanted 12v for easier access to electrical parts (plus the starter runs faster
) I recently switch over to an Alternator, mainly because they are cheaper and easier to come by.
I also just had my 228 rebuilt. I did all the work except for the machine shop items. In CT, it was about $3400 for boring .040 over, new pistons and rings, bearings, cam bearings, repair a chipped lobe on the cam, new oil pump, new valves (no head machining, did that a while ago), resurface the fly wheel and install a new starter gear ring. I debated on going the 270 or 302 route, but I knew my 228 was pretty good. Unless the block was cracked, I wanted to keep it. I have split "Fenton" headers with dual exhaust (the split header sound really cool on these trucks). I can rip along the highway around 55mph with a big load of hay (about 2500 lbs) no problem. I still have to stock rear end with 5.14 gearing and the 4 speed.
I wanted to keep the original engine. I've never done an engine swap. I know they make all kinds of swap kits to make it easy, but I assume you can still run into clearance and fitment issues
I drove on the original wheels and tires for some time, but the rims were showing some pretty good rust out in some places. Still fairly solid, but if I was going to be hauling heavy farm stuff, I wanted safer rims and tires. I opted for modern 19.5" rims and tires. I found some used truck tires from a tire shop that were in great shape. They don't quite look original, but I do think they look nice, and they ride so much better. I did have to get 1.5" wheel spacers for the back wheels due to my 14" drums. Those larger drums seem to be less common, not sure how my truck got them. You'd think bigger wheels would have no clearance problems but the contour of the rims didn't allow clearance for the bigger drums. I found some heavy duty steel spacers and that did the trick.
I would say do whatever you think would work best for you. My direction was to keep it as original as possible, but also make it safer and more reliable by adding some modern enhancements. It's not a show truck (though it is popular at my local cruise night) its primary job is that of a 1 Ton truck. We've come to rely on it for lots of tasks, so taking it off the road for restoration work can be a pain sometimes!
Good luck with your truck - I'm sure it will be even more awesome when you're done!
