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EAC casting is a '52-'53 Merc head. 255 cubes.

If those heads are the right ones for the engine, and they appear to be, it is a 1953 Merc engine, 125 hp. It has the Merc water pumps on it, also. The generator is probably off the original 85 horse...

If the plastic thingie in the fuel line is before the pump, it isn't a regulator. Probably a filter.
The spindles are the short axles that the front wheels mount on. No reason to replace them if...

Like Bob says, that's a Merc 255 engine. I see someone has swapped a Stromberg 97 on it. The advance in the distributor won't work right with that carb, the vacuum port is wrong. Find a '49-53 Holley...