Just another add-on, I looked up the hp and torque of 235s from '55 to '62. I'll use 1959 as an example. The 235 of that year produced 135 hp @ 4000! rpm and 217 ft lbs of torque at 2000 rpm, so I'd say that even a box stock 1968 (pre smog) 250 L6 would be a nice upgrade. You will also gain high pressure oiling, spin on oil filters, easy access to parts, and modern engine electrics! Thanks for getting me to look these things up. I plan on doing the same swap in my '56 TF panel.