In their day,the 216 was an equal to similar sized engines,even those with full pressure lubrication.Frank McGurk,the famous Chevy and GMC tuner,used to race modified 216 and 235 splash oil lube engine with the stock oiling system.He claimed the goofy oil system was reliable up to 150 HP and 4200 rpm's.This is circle track racing where the engine was full throttle for quite a period of time.Athough McGurk did modify cranks for full oiling,he claimed that up to the limits mentioned above,there was no reliability difference between the two oiling systems.Big Chevy trucks with these engines were driven wide open against the governor(about 3200 rpm)for hours on end.As a young man I had a job delivering stone using an early 50 ish 6 wheel Chevy dump truck powered by a 235 splash engine.I drove it like a typical kid,every gear reved to the max,wide open down the hiway,beat the snot out of it.After about 8 months of brutal treatment,the rod bearings did get to knocking,the mechanic re shimmed the rods,and off I went for more abuse.
Much of the "fragile" reputation is from worn out engines in need of an overhaul many years after the 216 was out of production.Or engines hacked by home mechanics who messed up the adjustment on the oiling system.
If a completely original truck isn't important,a later 235 is a better choice,easier and cheaper to rebuild properly and more powerful of course,and more reliable id you drive foot to the floor all the time..But if the old splash oiler is in fine shape,run it hard till it blows,lol.
The 216 is sorta like the Flathead Ford V-8,some say it's an overheating gutless pig(me)but it was the hot rodders choice for 25 years.
Brendan M by the way,if a 235 fits,so will a 261,they are both identical in external size.