The 292's torque capability will overstress that running gear pretty quickly. My first job was at a shop where the owner had fitted a 56 model 265 V-8 into a 47 chevy coupe. The first time he wound it up and dropped the clutch, he blew the transmission's cluster gear out the bottom of the box. The 292 will out-torque the 265, so you'll have to be very careful not to destroy the trans and/or rear end with everyday driving, and never, ever use full throttle! A full-synchro Saginaw 3-speed and an open-driveline rear end would be a much wiser choice of drivetrain components.
Jerry
