Pick up one of the old Chevy 6 hot rod tuning books, Bill Fisher or McGurk. The information is over 50 years old,but parts for these engines haven't changed.Guys actually raced the babbit motors back then,upwards of 150 HP, reving over 5000 rpm using the stock oiling system, even more with a crankshaft drilled for full pressure oiling.These engines are not fragile,in their day they as good as or more reliable than the competition stock or modified.
But today that 150 hp 216 is more expensive that going for a later 261 with even more power and durability.But if ya got a real nice 216 and some money to throw at it.........