I would be surprised if a 350/350 or similar combo wouldn't fit there with some ease. Recall that the Stude had a 289 V8 engine that was a virtual copy of that vintage Cad 331 (I think). Several folks actually were able to modify a more easily available Cad intake to fit the Stude motor. Then to go on a bit, when Studebake and Packard merged, out came the similar Golden Hawk in 1955 with that behemouth (for the time) 352cid engine though there were some hood changes for fitting it and that you had to either jack up the engine or cut holes in the fender wells to change plugs.

Should be a fairly easy swap to a little Chebbie motor