I am just now able to post on this forum.  However, I was able to outline my problem with Mr. Eaton  My original message and his response is hereby posted.  Thoughts?

Me - We have a 1954 Ford 4-door wagon. It has the 239 Y-Block, 3 speed manual, 6 volt +grnd, etc. It ran (until recently) and is in overall very good condition. A lot of body restoration has been done and the car is very road worthy.

The V8 is worn out. 30 to 40 psi compression and no pressure build-up during a leak down test. Gas in the oil. And, air can be heard leaking by listening at the oil filler during the leak down test. However, the engine and its compartment are complete and clean.

This car is too good to throw away. What do you think? If we decide to "fix" it, how common are 239 parts (a "one year" motor - ouch!)? If it is "over bored" already, is sleaving a good idea?

Should we consider an engine swap? What would work best? Coincidentally, we have a good scruby V6 with a 3 speed manual from a 1981 El Camino. It looks like an easy swap.

Mr. Eaton's response - Many of the 1954 model Y-Block specific engine parts such as the oil pump, distributor drive, distributor, camshaft, camshaft bearings, water pump, and fuel pump are getting difficult to find. While I do have some work arounds for the camshaft, cam bearings, and other parts so that the original 239 can be retained, it's more cost effective to just put the later model Y in your car. The easiest swap would be to simply install a 1955 and newer 272 or 292 in place of the 239. The 292 engines were installed in vehicles through 1964 and Ford continued to build those engines for industrial and marine applications through the end of 1967 so they are still out there to be found. Bellhousings and flywheels are interchangeable between the 1954 and newer models so the swap is relatively straight forward. If so desired, the engine can be dressed out to look like the original 239 but with the improvements with the later model carburetors and intake manifolds, I would opt for going late model ('57 and newer) with the induction system.