Yes, the GMC is already full pressure, with insert bearings in both the rods and mains. There is a full oil filter flow modification for the block on the
www.oldgmctrucks.com site. I wouldn't bother with it unless you are doing a complete hot tank and rebuild on the block.
The valve covers are not interchangable. The GMC engine is about 1.5" longer than the Chevy. You can get Fenton split manifolds for the exhaust, and there are some nice intakes available for the GMC that don't fit the Chevy, like the Howard Log manifold.
The only things that really interchange at all between the GMC and Chevy engines are the distributors, bellhousings, and some types of fuel pumps.
The GMC engines were the hot rodders engine of choice over the 235. California Bill and others built some pretty radical ones.
I've got a 302 out of a '55 dump truck that's going into my '50 half ton. Its pretty stout.