Back in those days Chevy's 307 was about as well respected as a Dodge 318, both were reliable but no power house. I think both were only available with 2 barrel carburetors. I would think a late multi-port fuel injected 305 or 350 small block engine should deliver better power and better gas mileage than the same size carburetored engine even with modern pollution controls. An overdrive transmission would also improve mileage. Fuel injection and overdrive would not be period correct in 1968.
If you no longer use the truck for heavy hauling, it might be simplest and cheaper to just change to a lower rear axle ratio or swap out the entire rear axle. You should be able to find a list of the period correct rear axle ratios on some of the online Chevy truck sites. Did they put any two speed rear axles in one ton trucks?
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Today's Featured Article - Product Review: Lead Substitutes - by Mike Schordine. Lead was oriinally added to gasoline as an upper cylinder lubricant. It lubes the valves and seats. If you rebuild the motor, you could use hardened seats and valves, and unleaded fuel. But if your old tractor runs good, a simple lead substitute added to the gas is a perfectly reasonable solution. And, if you are like me, your tractor is under cover, but it sits outside. So with every temperature change, the humidity in the air collects in the fuel tank, in the form of water.
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