You can update the 216 to modern insert bearings and lighter pistons, but that won't help you with full pressure oiling. You can add AC, 12v and power assist steering to a 216 in a way that few would notice the difference. (12v generator p/s pump combo from a car.)
Another option is to make it into a 'resto-rod'. Mothball the original engine and put a full pressure 235/261 in it it, and slap the 216 stovebolt valve cover on top.
Upgrade to 12v and upgrade the tie rod ends, shocks, wheel bearings, brakes, rear gearing, seatbelts and otherwise leave it alone and it'll be pretty close to stock as well as SAFE & RELIABLE. If you want, bolt on some sway bars on for cornering, they unbolt pretty easily.
Adding a stereo if you bolt it under the dash won't do any permanent damage, just don't cut holes in the doors for speakers!
