How much does your truck weigh? Is a Lowcab a regular 1/2 ton pickup?
My '50 AD cruises fine all day long at 50-60 with stock 216, 3spd, 4.1 rear end.
The 87 hp seems fine to me.
No sure what it weights. Would estimate 3k lbs, give or take. Max speed on this truck is 45 as-is I can manage to get to 50, but that's pushing it and no way sustainable for any kind of distance. I did get up to 55 momentarily going down hill.

I'm concerned that I don't have enough power for taller gearing, other than perhaps on flat stretches or down hill, because when in 3rd gear the truck slows down significantly going up grades. This is hilly/mountain country here. If it can't maintain speed in 3rd gear now, not sure how useful the T5 would be behind the stock motor with stock HP.
But this does get me thinking...perhaps I should just change to an open driveline first, before changing the the engine or transmission to see if taller gears alone would be satisfactory.
So that thought raises this question...how easily would the stock transmission convert to an open drive train?
Also, while we're talking about this, does anyone know what the 3rd gear ratio is in my stock '36 transmission?