I am not satisfied on how my 55 rides and handles after I lowered it and I wish now that I would of kept the original motor and found a couple 292s but I am thinking about just yanking everything out and putting it back all original with a couple tweeks,since I cant raise it back up untill I find a Y block I have been thinking on trying to find a complete rusty 55 parts car with the 4 bbl 272 and starting over.  The disc brakes (Granada) dont seem to be much of a improvement over the drums and the rear brakes on the maverick rear end are definately smaller then what originally came on it so I need to come up with a plan soon as its been bugging me.

Butchering up everything I can get my hands on in Dayton Ohio

It seems to me from what you said, the main problems are the lowered suspension and the brakes. I don't see the need to start from scratch, just fix the suspension (raise it?) and add sway bars front and back. As far as brakes, check out some other 8 inchers for size. There must be other 8 inchers that had bigger brakes. They should be fully compatible with your rear. Make sure you swap backing plates as well as drums and insides.

54 Victoria 312;  48 Ford Conv 302, 56 Bird 312
Forever Ford
Midland Park, NJ