you can change to an alternator easily. change it to a 12 volt system with a 1 wire alt. change your light bulbs. but all gauges would need to be updated. and usually the distributor contents need to be updated to 12volt componets. there are disk brake conversions available for around $1,500? does the fuel pump leak or is there a leak in the line? should put in new line and filter anyway. is it a dynaflow trans? cuz when they are bad, man they are a hassel in their own way. youre looking at about $300 in parts and as much as $1,200 in labor for a ful rebuild of it. did 53 have a Straight 8 engine? if so, i say dont swap it. they are awesome engines.
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