59GMC,
For what it's worth, I think $4,800. was a good buy. I'd feel pretty confident in saying that you could turn a profit on it any time you need to.
As for the motor, without casting (or other) #'s off the block, it would be awfully hard to tell whether it's an early 235 or a 216. The early 235's look identical to the 216's. If I understand correctly, the difference is almost entirely internal i.e. bore and stroke.
Externally, in addition to the serial/casting #'s, some of the early 235's had some 235 verbage pressed into the side of the oil pan.
My 52 has a 1948 235. Put it side by side with the 216 in my 46, and visually you'd never know the difference.
Either way, if you don't wind them up too tight those old splash oilers are very good and dependable engines.
