I'd do a couple things that will make life a little easier for the old mill. Like, electronic ignition, some taller gears so it doesn't have to rev to high, maybe 30 wt oil. Plus the compression test, tune up and valve adjust.
My old 47 coupe had a sweet running motor that I finally replaced but it ran great with low compression in one cylinder, drove it everywhere. Biggest help was going to 3:55 gears.
