Hi Jess,
The old 350 question? The short answer is it can be done and it will be a fun ride. The long answer is that it takes a lot to do it right. 350 V8 will need a better tranny. You will have to replace your torktube driveline and rearend. Then you have to think about better brakes and resove motor overheating issues if they occur. Will has done it on his PHAT52, and has replaced the front suspension also. Check out his truck sometime.
I put a 1957 283 V8 in my '55.1 with a TH350 auto tranny. I already had the open driveline rearend so I just needed a new drive shaft. I'm running stock suspention and brakes.
Later, Buddy in AK