If you want to hotrod your truck I would not want to keep the splash oiling 216- If you want to keep the original look but have more performance, get a 235 or 261 from a post 1955 truck or car- Keep your 216 valve cover and the studs it mounts to and put it on your new engine, that way it'll look almost like the original one but be better on the inside- The main differences between your engine and the post 55 engines are inset bearings rather than babbited bearing, full pressure oiling and full flow oil filtration. You can build a pretty strong 235 or 261, however its more expensive than building a small block chevy. For what it will cost you to build a strong 235/261 you could build a monster of a 350.

'51 Chevy 1/2 ton w/'62 261, HEI, offy, fentons, dual carter/webbers, t-5 & 12 bolt posi