welcome to the bolt,
the following two sites have a BUNCH of useful info for figuring your engine out. i am not an expert as the others who have spoken before. i have had alot of id help from these same guys over the last 18 mos. one thing, if that is a 53 235, i believe there is a difference between the standard trans motor and the powerglide motor. the pg motor will have hydrolic lifters while the std trans will be solid. the 235 should be a by pass oil filter system, not a full pressure. usually has a coffe can like filter attached to the manifolds and smaller 1/4" lines that are attached to the drivers side bottom of the block, if they have not been removed as some people have done.
i went through the same dilema for my 46 1/2 ton and finally came to a sensible decision. a full pressure oil 261. if your gonna go, go big, but go inline.
big ed
http://www.brads41-46chevys.com/http://chevy.oldcarmanualproject.com/ 
