My experience w/a 216 is somewhat short but very interesting.
I had to free it up and do some extensive topend work to get it going and for the last 4k miles or so it has become a pleasure to operate. I tried in vane to quiet that topend down and finally gave in and accepted it for what it is, a pretty stout 60+ yr old OHV 6 banger that likes to let you know it's running

Perhaps it's broke me in as opposed to me breaking it in but when I have it cruising along at 40mph (rpm unknown at this point), it almost sounds like an old singer sewing machine and I bet thats where that old saying comes from.
In any case, my vote is to put it back together as a good and tight spray lubed 216 as it was originally designed and then find a later model 235 or 261 to experiment with (my ultimate plan).
Good luck
Dave