I used to own a '48 Diamond T 1 1/2 ton. That thing was built like a tank!! If I remember correctly though, it didn't use a Continental engine. I believe it was a Hercules flathead six. And yep...it was red with a green stripe and factory pinstriping. The cool thing is they already came from the factory with a "chopped top".
It was a BEAST. ALL truck...and really cool. Buy it and if that old flathead ever gives up the ghost you can always drop a 'bolt in it.