Hopefully it's been rebuilt and then who knows what's inside- but at least it would almost have to be bumped a bit beyond the factory smog motor hp. Yikes, 165 horse and that was the 4 brl version. Is your '49 a fastback? Posted from my office while pretending to work!
Back in the day used small blocks were either out of a Corvette, Racecar or it was rebuilt right before the car it was in was in a wreck.