I'd go for the spray oiler rebuild. Until you get it apart, you won't know the condition of the bottom end. It might be OK. To get it apart buy a couple of cans of Areo Kroil penetrating oil. I know it's expensive but there's none better that I know of. Soak the cylinders with it and the lifters and don't be in a hurry. If you get the crank out you may be able to tap the lifters out with a plastic or wood punch of some sort from the bottom even with the cam in place. If this is a two ton, it'll have a 235 in it. You might be able to scare up an early Power Glide head that has bigger intake valves.
My 1-ton had a 1948 235 in it when I got it and it had adequate power despite a couple of burnt valves. Its first job was to haul several thousand pounds of bricks. Slow but got the job done. Bottom end was OK when I pulled it.
