If you decide to go ahead with the V8 conversion, it would probably be a wiser choice to find a big block engine- - - -a 366, 396, 427, or 454 instead of a 350. Small block engines can produce a lot of horsepower, but they do it at RPM ranges that aren't truck-friendly. The big block engines have more low end torque, and the "tall block" 366 and 427 engines were designed for truck use from the beginning.
Jerry