Way back in high school (1973-74) I had a '67 Chevelle Malibu with a 283. As purchased it burned oil and I eventually tore it apart for a rebuild. My neighbor (Don Nikolich) was an automotive machinist and he did all of the machining. He bored it .030 over, ground the crank .010 under and he ordered all new all new TRW parts, cam, lifters etc. He also went through the heads installing new guides and I believe new exhaust valves, springs etc.
With a couple buddies help, we completely re-assembled the short block by ourselves. Before that 283, the only other engine I had ever tore into was a 4 HP Briggs & Stratton from my minibike.
Anyway, it ran great although the chrome moly rings never did seat properly and it still burned oil. I took it apart about year later, honed the cylinder walls and replaced the TRW rings with Perfect Circle rings. That solved the problem.
I later swapped it into a '68 Chevy shortbox stepside and drove it for a few years. I then ran it one summer in a '63 Chevy demolition derby car before eventually installing it into a '63 Chevy shortbox fleetside and driving it for a few more years. Unfortunately, around 1987 I sold the truck with the 283. By then I was married, with a kid on the way and had more important priorities.
A couple years ago I picked up a 283 that supposedly came out of a '66 Chevelle. It's a future project that I may someday install in one of my '59 Apaches.
Not sure about the '59-60 283's but my '67 was a great engine.
I say go for it.
John