So what do you guys think?

Had good weather this weekend and was able to tear into the van I just got. I knew it needed motor work and got a good buy because of that. It definitely has a blown head gasket as the seller said, (oil pan full of antifreeze). It's a 67 with a 240, 3 speed and big rear end.
What's the worst that could have happen to it internally and how costly might the repair be? If I have to pull the engine, would I be better off doing a V8 swap? From what I have read here, I have the right year to start a swap with, or will I need a bunch of other items that I don't know about?
Not interested in the V8 for power, the big six would be fine for my needs, just trying to see what is the most cost effective, as well as quickest. Want to be riding by spring time. I have a contact for a good 289 motor I can buy.
I realize it's my call on which way to go, just wanted you guys input. After all, between all of you, you've probably done about all there is to do to one.
As promised, I will post some photos of the van shortly, but gotta get my game plan together first.

welcome to v.v. hang in there i am sure the ford guys will get you in the correct direction...

What would be worst is if the 240 was seized. I think they have a lot of pep, if you have driven an Econoline with a small Falcon Six in it. If it's not seized, will the block need a rebore or a hone? Will the block and head need to be decked? Is your donor 289 ready to go, or does it need the same work as your 240? Best case is that the 240 just needs to be tanked and reassembled with new rings, bushings and gaskets... that's not a bad engine.

Joe, if you want to be on the road by Spring, fix the 240. Bad head gaskets are usually from overheating. Make sure the Radiator is good. Have the head checked to make sure it's not warped and a valve job as long as it's out. I'd also hook a temp or permanent oil pressure gage to make sure you have good oil pressure, the light is BS.
I'm one to talk, I dumped a somewhat good 240 for a new rump rump 289 in 66 Falcon years ago, I had the Time
Sam

Joe, The 240 is a good motor and trying to swap another one in is not all that hard, but some things will need to be changed. The 240 is allready a complete setup, just need to fix. In my humble opinion, that would be the quickest and cheapest way to go. Dan in SC

I would too vote for the 240, You would likely run into a lot of bracket,cable wiring, mounting issues, w/o even going in to the heat control issues with a v8 in that little doghouse, You can put the v8 in but you'll be alot leaner and less headache with that 240...JMHO..Good luck

I would also agree on staying with the 240. It's already there and just needs some repairs. A fresh re-cored rad and a shroud will most definitely fix a lot of the overheating problem. Get that 240 pulled out and tare it down. New water pump and thermostat and check the head as stated earlier and whatever else it might need and you will have a great engine. I might also add that putting in an electric fan to help out would be an asset when idling in traffic. These vans and trucks are notoriously famous for not running cool in traffic.

Replacing the gasket should be easy and relatively fast. The 289 swap is simple based on what you have, but not nearly as simple or fast as fixing the 240. If the 240 has some serious problems, then think about the v8. 289 and 302s are plentiful and cheap, so you're probably not missing an awesome deal if you pass on the 289 right now. With the money you save from a swap you can buy some upgrades for the 240, like headers, electronic ignition, a 2 carb intake, etc.

240 or 300 will be even swap

my truck came to me with a seized 240.
Since I was planning on eventually putting in AC, luckily I picked up a cheap
good running big balls 300.
The 300 and 240's are almost identical....watch out for the dipstick and oil pan differences.
It's hard to keep my foot off the gas!

I'm big on V8 swaps but I agree with the above group. I would pull the head and check the block for damage and wear. If the block does not have lots of ridge at the top of the bore, have the head checked out and just replace the head gasket and get your van on the road. You can make mods later if you wish.

I'd scour the local area for a good used motor. I'd give it a week of reading every ad, beating the bushes, and calling the machine shops and junk yards. Yes, some machine shops will have cores or rebuilts sitting there. I'd really hunt for that 300 others have mentioned. Big inch bolt-in, what else needs to be said?
At that point if some deal doesn't land in your lap, I'd consider the rebuild. The big question is --->Was It Just The Head Gasket?
Could have cracked the head or block. That's when it can get expensive and push your schedule. All that prior checking can help here.
I would not bother with a V8 swap unless you have money, time and a deep desire. You said you didn't so that answers that.
Me, I'm contemplating a BB swap, but that's how I'm wired...

cheapest and easiest is a used 240 or 300. since they cost about the same, 300 is the way to go. check craigslist, they are out there and cheap compaired to other motors. if you still have a couple bucks left, get a came while its out.

i would go with the 302 theres no replacment for displacement

If that's the case, I'll throw in another wrinkle...

300 is a direct bolt-in swap, no relocating linkages, only 2 cid less.

240 head fits of course, and are desired performance upgrades to the 300 (okay, would lose a couple ci, but would bump compression up).

Read up on some other threads, or someone else will chime in... the only concern if you want to use the same tranny is to get a 300 newer than a 65 to replace your 240... bellhousing bolt pattern match.

Any truck, and that includes our vans are more suited to a torque motor than a HP (High RPM) motor. You can tune each for the characteristics, but a 3.00" stroke V8 is not going to have the same torque curve as a 3.98" stroke straight 6.
Even though the 6 has 3/4 the number of cylinders and power pulses as the V8, it tends to push harder (torque). Notice how close those numbers work out?

First of all, thanks for all the feedback from you guys. Gonna pull the head of Saturday and see how the cylinder walls look. I'll try to see if it is locked up also. That will tell me which way to go with this repair. Going to pull the radiator and have it flushed and pressure tested too. Anything else I should be looking for while it open?
The bigger 300 sounds good also!!!

check for cracks between cylinders too. i had a 300 crack between cylinders and swapped gaskets twice before finding it. get your head milled while its off incase its warped. not sure how far you can go on fords but my chevy was safe to mill .060" and raised compression from 8.5 up to 9.6:1 as rod stated, the 300 6 will out torque the 289 or 302 at low rpm. with a van, we need power from idle to get it moving quickly. evan though i am a chevy guy, the ford 300 is one of my favorite motors.

I guess we agree to disagree. I do not miss the 240. I do not haul bricks. I like my 289 Sam I am.

I have not ruled out the V8 swap yet, still getting my ducks in a row!

FWIW: I was in the same position as you a year ago contemplating a 302 upgrade. I got my 67 and the 240 was due. I was fortunate to find a 240 block locally that was already rebuilt with .60 over cylinders. I took the head, had it machined, milled, and valves installed. Long story short I am happy with the choice to stick with the 240, it made installation easy and performance is great.