Welcome, 49... I enjoyed a stock '49 3100 for 10 years or so, and it was as dependable as sunrise. All I did was change to 12V (I used a one wire alternator.) It rode fine, for an old truck. Looks like yours has had some leaves removed up front or some other mods.
I kept the stock 4:11, so 50 mph or so was my top end, and stock brakes were fine. But, if I had a 3:55 (which I may do in my '40) I would want to upgrade the brakes, as has been mentioned. Best of luck, and, you will find lots of advice here!
