If it was my engine, I would add a few things and run it...What are you going to do junk the block?
I would add a oil cooler, probably get the whole thing cheap if you look around.
Next I would add alky injection, via Rons Terminator. Its the ultimate in hp over any carb setup. First hand experience says you will pickup substantial e/t with this
I assume you already have a sheet metal intake so this would be easy.
Make the best with what ya got.
The alky will take care of any cooling issues you have. Then the oil cooler will take care of oil temp issue's.