Me again.....so you're planning your engine rebuild. Good news....but there's something you need to consider before you throw a bunch of money into your 235. First of all, it's a 4 main bearing engine that was configured to make low-end torque and last a long time. Granted, you can boost up the compression, do some some head work, add a rumpy cam, multi-carbs, HEI, headers......and it will still be a 4 main engine that doesn't make much more horsepower, a tad more torque, and will not give you the bang-for-the-buck you're expecting.
However, if you plan to build a great cruiser....the 235 is a great candidate. With your T5, a decent R&P ratio and some sensible upgrades it'll be a hoot to cruise and will turn heads when that 6 cylinder sound announces itself.
This may not be what you want to hear but it's a fact!! If you captialize on the low-end torque, clean up the bore, add a 261 grind (torque) cam and get your gearing dialed in you'll be a much happier camper. When you calculate your horsepower to weight ratio.....even with some radical engine upgrades, you'll see that there is no substitute for cubic inches and a more aerodynamic platform.
Dave