1962,
You have either a 235 or 261; the center location of the distributor (between cylinders #3 & #4) confirms this.
ALL 194/230/250/292 engines have the distributor at the front of the engine, between cylinders #1 & #2.
As for the "long" inspection cover (called a "tappet cover" or "side cover") on the side of the engine identifying it as a 292, I think what your buddy was referring to is that while the 230/250/292 engines are basically the same, the 292 has a taller block (longer stroke), and therefore, the 292 side pan is higher than on the 230/250.
Check the casting #s as described in preceeding posts to see if you engine is 235 or 261; externally they're the same size, differing only in factory paint color.
Good luck!
Frank McMullen
