I'd spend the money on a 235 at least and preferably a 261.
My 52 truck already had a later 235, I found another and rebuilt it for about $2000 in parts and machine work, plus all my labor to reassemble. A couple years alter I found out about the 261, and really wished at the time I'd been told or had learned about that option.
Unless you want a perfectly restored truck I can't see any reason not to update to at least a 235. If looks bother you a little then use a 216 valvecover, the vast majority of folks looking under the hood don't know the difference any how, and those that do most of them don't care if it's the "original" engine or a slightly newer one.
But honestly I'd say none of the above, Diesel is more fun and that low mile 235 in my 1 ton is coming out for a 3 cylinder turbocharged Detroit to go in..
Grigg
