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I think that you'd be fine if you raised the compression to 7.5 or 8:1. There was a later "OA331" with 7.5:1 compression known as the 6-170/ OH170. It had 170HP at 3400rpm and 297ft lb at 1600rpm.

I think that Sarafan had the best prices for piston/ sleeve kits (~$80). There was an LPG version of the OA331 which had ~8.0:1 compression. It'd be pretty hard to find by now. I am working on replacing my OA331 with a rebuilt OH200 which is a later model redesigned and improved 400 cubic...

Parts will be much cheaper from the surplus houses. There is a guy selling gasket sets on ebay for ~$25 but they are all dried out, broken, or so porous that they leak. Forget about getting one complete good set. They are, however, good for the manifold sets, head gasket, etc. The gasket set...

I have a 331 powered bobbed deuce. I like it a lot because it is quiet and has reasonable power. The REO engines were around for about 20 years but I always get strange looks from the parts houses. You could look for an OH-200 which was a 400 cubic inches and 200 horsepower. Same external...