rebuilding is your best bet. I have a '62 and I was looking into the same thing, but the powersteering is what actually made me finally decide to keep my mel. I don't know if you noticed, but the windshield whipers are powered off the powersteering. Changing the powersteering and putting in a motor with more top end power would just make the car not drive like a lincoln.
as for a rebuild, I think I can help you out with this one.
felpro makes a gasket set you can get anyware for about $110 (I bought mine yesterday at autozone)
the oil pump and lifter are the same as an FE series motor so you can get those cheep too(also got mine yesterday at autozone for $48 for the lifter set and like $37 for the pump).
You'll need a full timing set to replace that peice of crap nylon cam gear, you can get it at napa or a place like kanter or lincoln parts intl, but the NAPA one is a cloyes brand. autozone does not carry this.
there is a guy on ebay called "maddog racing" and his ebay store has rings and bearings and the rings are hastings and the bearings are clevites, the best of the best.
egge machine is the cheepest place to get pistons and they carry some otherstuff like valves and reground cams.
There is a guy on ebay selling 3 sets of cam bearings for $25 a set, I already got one of them.
I got my reman waterpump from napa for $30, but it was the last in the country. you should be able to find one at like lincoln parts intl, or bakers or lincoln land or kanker, etc.
you'll have to do the same as the waterpump with the powersteering pump, but you might actually have luck just finding a place to rebuild yours.
you should be able to take your heads into just about any cylinderhead shop and get them built for $75-$100 a peice
lastly the machine owrk on the block itself might be a problem. you need to find a place with the tooling to bore this think since it is a wedge they need the 15 degree torque plates and very few machine shops have these.
If you budget it right and look out of ebay and the boards for stuff for cheep you should be able to do your rebuild for about $1000 as opposed to just buying a rebuild kit for $1100 like from kanter
if you have any questions, shoot me an e-mail (dannygraves@gmail.com)
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