If I'm thinking of the same threaded hole you are, it is tapped for 1/4" standard threads (stove bolt threads). I don't recall on the '59 models, but on older engines, there was a clamp on the fuel line that attached to that hole. The idea was to provide support for the fuel line. Frequently (sooner or later), the screw was left out after cooling system service or cylinder head work was done. If your fuel line has an unused, loose clamp somewhere on it, that is where it goes. As for the radiator pressure cap, I think the 15 PSI was standard by that time. A lower pressure cap would still work all right, as long as you are not driving at high altitude and with heavy loads on the truck.
Harvester