Yes, a 3-53 with out turbo would be under powered in my book too.
It really depends on what you want out of it.
For a 1/2 ton truck that you want to get good mileage, and a top speed around 60-65, but not usually driven over 55 I think a 3-53 would be OK.
My truck (project) has a 4-53T, it's what I think is the ideal engine for me and what I want to do.
Grigg