It has been said on here to get it to steer and stop, then make it go and look nice. Parts for the original brake system are easily obtained and not having a mix of parts keeps future maintenance a lot less confusing. I would scare up a manual and adjust the steering box. You can take a lot of play out of them in just a few minutes. As to the engine, check to see if the oil is coming from the valve guides. If that's the case, the repair can be fairly inexpensive and you will have the original engine (a nice bragging point in this age of engine swaps and "updates") My '46 2-ton is running the original engine and the more I drive it, the better it performs. Maybe I'm getting used to it, maybe it is getting the "cobwebs" blown out. Most of all, have fun with it.
