I have what I think may be a similar motor; mine has casting date November 10 1953. 235, pressure feed, "old" style water pump. A good motor!
I got mine "almost runnable", too. I pulled the head to inspect things. I lucked out! I measured the bore; it was .040" over, but virtually no ridge, so it had very few miles on its last overhaul. The bottom end looked good, but I did not pull the rods or mains - leave well enough alone.
The cam bearings had been replaced with .005" undersize; that it, smaller holes, and the cam had been reground to fit. So, new cam bearings for the new howard-pattern (M4F?) cam.
I have a fresh head for it - two, actually, as I have the head off the original 53 235 babbitt motor that died. So I plan to put it back together and run it as is, mostly. I am cleaning out decades of gunk as I go - lots of work with brushes and kerosene to dissolve it away, with two aluminum turkey pans to catch the solvent.
In your case, pull the head and inspect. At the least, you need to have the head stripped down to parts and inspected and magnafluxed. These things were prone to cracking, etc.
Then clean everything real good - 50 years is a lot of gunk build-up.
Good luck!
George
53 3600