If you REALLY want to know..... I think you're nuts. How's that?
Your "Pics" thread shows a 90's 350 already in the truck and and then you have some sort of small block pic thrown in for good measure. Who knows what transmission is with the truck, but it's a lock that it isn't original.
Now you want to go to a 216 with presumably splash oiling, a design 20 years older than your already old truck. The "new " engine means you'll be changing the transmission as well.
THEN you're going to add fuel injection like it's a slam dunk. You already have throttle body FI on the engine you'll be taking out. And then you'll be messing with OD on a trans that doesn't fit your engine. Will you be putting the torque tube back in as well?
You asked what we think. I think you need to go back to the drawing board and rethink your entire strategy. It sounds like you're trying for gas mileage. If that's the case, leave the 5.7 in there with the 700r4 and save a lot of time and money. And your mileage will still be better than trying to retrofit a 216 into a truck that was underpowered with a 235. My 2 Cents.