I 'repowered' my 1956 two ton dump, replacing the 235 with a 350 and it made a HUGE difference. It is like driving a different truck. Of course it was a fairly easy replacement, since that truck was available with a 265 V8.
I also own a '46 two ton flat bed. It is a project, but the previous writeres are correct. It is alot of work. Brake pedals have to be remounted or use a later swing arm, steering concerns, radiators are available to fit, but have to be big and are expensive. I agree for a first time project, use the 270 or 370 GMC six which will fit with modifications to waterpump/radiator.
Good Luck,
Capp
----------------------------------------
'39 one ton
'41 half ton
'46 two ton
'56 two ton
'71 C20