Thanks to all for your comments. I can see that I will be spending a lot of time at this website where opinions come cheap, but the advice is priceless.
As it turns out, I do have a 216 with a date code that matches to '47. Also, the engine does run and the guy I bought it from actually had it up to 50MPH, however he recommended I don't repeat that feat. I don't plan on firing it up again until it is done. I may just keep the 216 till it dies as was suggested. Now my only problem is the transmission. Does anyone know where I can find out tranny info such as types, codes, etc??