If the motor in your '47 is original, it's a 216.
Came with Dip 'n Splash oiling, and babbited bearings.
The upgrade to a 1954 235 would give you ~10% more cubic inches, full oil pressure, and "modern" insert-style bearings.
The block looks the same, so you keep "originality points"; it's definitely a "period authentic" swap.
The dual carbs are a nice touch; but won't add as much as the '47 216 to '54 235 bump alone will get ya.
GO FOR IT.
And btw, rear end ratio does NOT affect how much horsepower your engine makes....
Cheers,
mark.
'51 KY 3100