If you're going to spend money on a 216, get the rods converted to insert-type bearings. The major problem with the splash-oiler engines is the tendency for them to beat the rod bearings out and develop a rod knock at anything other than very low speeds with the engine lugging. By machining the rods to accept insert-type bearings, the lower end gets more reliable, and when it's time for a bearing replacement there's no fitting or shimming involved. The oiling system stays the same, with the dippers and oil squirters, so the lower end still has to be set up by someone who knows what he's doing. There's an alignment jig that's used to aim the oil squirter nozzles so they direct oil right into the rod dippers at highway speed.
The extra displacement and the full-pressure rod oiling and insert bearings of the 55-up 235 is the main advantage to the upgrade to a later-model engine. The 235 also tolerates power upgrade modifications much better than the babbit-pounder engine.
Jerry