Russell,
Congrats on topping off a great career in the fire service!
I have to chime in on the restore/stock side. '30s fire trucks are not nearly as common as '50s trucks, and it seems appropriate to maintain it as a noble piece of history.
On the other hand, if you just won't be interested in driving it if it's stock, I guess upgrading the driveline would make sense, though I'd rather see it happen to a less rare model truck.
What about living with it for a year or two stock, and seeing how it treats you?
-Michael