I have the original 216 in my 50 1 ton.
Oddly enough it has been great except for the blown head gasket and the 8" crack in the block...
Things I'd suggest.
If you are going to drive it in modern day traffic.
Go through the whole brake system.
Change the gearing in the rear end. I put 4.10 gears in mine and the difference between that and the original 5.14 gears is awesome. I get decent fuel mileage and i can talk to passengers without screaming.
Currently I'm building a slightly tuned 261 with dual carbs and Fenton headers a 254 cam polished and balanced rods and pistons and a rebuilt head.
My truck is a daily driver. So consider what you are going to be doing with it.
Jeremy
