Be sure to check out anyone that you are considering buying from in the archives, here and on HAMB. If it was me I would rebuild the 21 stud and drive a little slower. What year is the 221? You should put your email in your profile.
Charlie Stephens
The transmission was updated with a decent synchronizer set up in 1939 time frame so that's why it is a good update plus it is still a closed drive set up like was original to all the early V8 cars. The suspension and rear axle would need a lot of work if it goes open drive. The 33 had a different trans case that can't be easily upgraded so that's the reason it comes up. With the later 3-speed transmission, a mid 40s 59 series V8 could also be in the running but an 8BA family of engine is likely easier to find. It just needs the 49 through early 51 Mercury or F1 pickup half bell housing to bolt it up. The 59 series engine would already have a clutch & flywheel that would work with the 3-speed. The 8BA flywheel would have to be drilled and you would need a rear sump oil pan from either the 49/51 Merc or an F1 pickup to clear the wishbone. There are other alternatives but these are the long time favorites.
You might have to consider an overdrive set up to get those speeds but the old Columbia units for the early V8 cars are hard to find. One could be built for a 33/34 from later parts but it would be a big expense. A Mitchel overdrive might get the speeds up. It's part of the torque tube on closed drive applications. Hydraulic brakes would be a must for stopping. The MT reproductions of the 39 Lincoln set up would be a good old timey choice. The 34 steering box will work OK but it can be updated to a later Gemmer II type design since it has the rotating sector gear instead of the old hard gear drive. Might be something to consider anyway. Anything that helps with steering or stopping these old cars is a good thing in my book. Especially after a person makes them go faster than they were intended to.
I would vote for a T5 with a low rear end, like the 4.11. That combination should meet your stated goals.
What is a t5?