Do NOT waste time and money rebuilding the six :nono:---spend the extra money and convert to a V-8. About a year and a half ago I converted my parents' 65 6 to an 8, and we were original owners of the car and it had been with us all over the world (Dad in Navy). The problems with the 6 are two-fold: First, it is a pretty poor engine. It's reliable, but prone to many driveability problems related to poor design and has a high general wear rate. You already know about the general lack of power. Second, and this is something most people don't mention when asked this conversion question, the V-8 has an altogether much more hunkered down and better feel on the road (I had noticed this when riding and driving other V-8s over the years). I think this is related to the beefier components, but whatever the reason there's a big difference in road feel as well as power, smoothness etc. Our car ( well, my car now) is light and day different, and seems almost gleeful that it is finally a 289---sort of like a pretty but plain wallflower becomming Megan Fox (without the attitude). The old 6 struggled to reach 90 mph, and about a month ago I opened the "new" car up a bit and it was wild to watch the speedo easily punch through 90, 100 110 to about 115. Sort of like the car was finally "freed" from the 6.
Cheers,
/s/ Chris :bigthumbsup