If you want it original rebuild it. If theres some other things on the truck that aint quite original, then whats one more thing that aint?
A friend of mine whos a retired machinist told me he always hated working on those engines, due to how you need to adjust all the oil slingers and shim bearings. Just said they were a real pain.
Im gonna have this problem when my 216 gives it up, (hopefully not soon) my thoughts were to replace with a 235 and keep the 216 in the corner of the garage until I decide what to do or can afford it.
Good luck, Jeff