There was a 49 Lincoln a member had in the San Antonio Early Ford V8 Club back in the 90s when I first joined. That car still had the hop up equipment that had been installed when it was new: an intake for two Stromberg carburetors and aluminum high compression heads. The car ran very well. These days H & H lists some hop up parts for the big 337s, but I have no idea if they are in stock or not.
The truck version of the engine is harder to do much with since the bell housing is big and made for a medium duty truck transmission. The oil pan may also be larger, I don't remember. Years ago a company made aluminum conversion bell housings to bolt a 337 to an early Ford transmission. I have seen a handful of these over the last decade, usually still bolted to a 337 removed from an early Continental.
I have heard good things about the 337 having good power, but they are heavy. What are you plans for the engine?