I have a '51 Merc with reworked Edmunds heads, a 2GC on a bored Mercury manifold, and a Mallory dual-point. The car runs great and, really, quite strong. However, rpm's over 2700 rpm feel uncomfortable and I don't like maintaining anything over that for any extended period of time. With the tires I have and 3.55 gears, 2700 is about 65 mph, so it's a decent highway car. Running through the gears, it accelerates well until about 4200 rpm; anything more than that is just more noise with little effect.
With 30 psi oil pressure, it would seem that the engine in your friend's truck is not in tip-top shape. If it was mine, I wouldn't try "running 3K RPM for (a) couple (of) hours". But that's just me.