Since we are all guessing, we should allow second guessing (until we get date codes and other codes - see below).

Does the car have a manual transmission (as was standard in 1949)?

Let's say it is a late 1949 car with a manual transmission and was treated as a 1950 engine/transmission combination. In 1950, the engine in a manual transmission car would have been a 216 (tall side cover). In 1950, the Powerglide was introduced and it was matched (standard equipment) with a 235 engine (short side cover).

Now, to follow through further in considering your theory, what is the block & head casting codes and block & head date casting codes?