When I purchased what I thought was a 216 in 1993 from a junkyard in lovely Gila Bend, Arizona, I looked over a field full of 216's. I didn't know a thing at the time other than I needed an engine that would fit in my truck.
The gentleman showing me the engines pointed out the years of each of them. I didn't know if he really knew or not. The engine that caught my eye was one sitting in the back of a 1960's van that was full of parts and various engines. I was told that it came out of a 48 COE.
I asked if I could hear it run and was told that it would take a week to get it out and set up. Upon returning the next Saturday, they had it up on blocks with a gravity feed can of gas into the original updraft carburator.
One pop of the starter and this engine fired up with a woosh of blue smoke and settled into the quiet rythm that we all know from our stovebolts.
I've been running it without problems up until the end of last year where I let it sit too long. The whole point is, hearing it run was what made the sale for me. Just hearing it run told me as much as I could have known as a 24 year old about it.
As an aside, I ran the number off the block using this site and found out that it is really a 235 low pressure. However, the seller was correct, it is a '48 engine and probably did come out a COE. The head was a '53. Only funny part being that the head that came off my previous engine that's been in the bed for 13 years turns out to be a '48.
Anyway, I agree with everyone who says hear it run. Don't know about taking it apart while trying to buy. I would think it might be best to ask a potential seller if they had a problem with it first, but that's me.
Good luck!