paddywagon,
It sounds like you have a Chevrolet Panel Truck. What year?
"For a few thousand dollars can the 235 be full flowed, bored, (maybe stroked), moderate cam, bigger valves, ported, etc, and result in a, say, 150hp motor that is tame and easy to daily drive?"
If you want to maximize your power improvement and minimize the modifications that you would need to do, the 1954-1962 261 truck engine is a good choice (around 125-135hp, stock). The 270 and 302 GMC engines are longer and would require modifications:
http://www.stovebolt.com/techtips/engine_swap2_302.htm Compared to a 235, the 261 has a "moderate" cam (the same as used in early Corvettes), better valves (not sure if they are bigger), bigger bore cylinders (same stroke), and slightly bigger jets in the carburetor.
All 261 are high-pressure oil systems and the 1958-1962 261s have full-flow oil filtration systems.
The best power improvements to a 261 are obtained by changing the carburetor/intake-manifold (to dual carbs or to a 4-barrel) and changing to a dual exhaust manifold. Neither of these changes require signficant mechanical modifications.
These modifications are simple compared to swapping out for a 327/350; however, the power improvement with a 261 won't come near what you will get with a 327/350.
You will need to decide upon how much power you need/want, how much modification you are willing to do (or are willing to look at), and how much you want to spend.
Tim