I love the old Fords. My last pickup was a '66 F-100, 240 straight 6, 3 on the tree. 286,000miles on it when I installed a new long block. I miss that old dependable behemoth. It got roughly the same 12mpg loaded, or unloaded. Did a lot of work with that truck.
Your's is looking good.
I had a '68 like that. The 240 was the same as the 300 except for the stroke. Most of the parts other than the rods and the block were interchangeable. It was very reliable but didn't have quite the torque of the 300.
The guy I bought it from had a good 4 spd in his shop so I took it home with that in it for an extra $100 (this was in the late 70's).