Hi Jody,
Welcome to the wonderful world of flathead V8's! To roughly give you some things to think about, the flathead needs help breathing first. The stock carb is adequate until you do some serious hotrodding. If you upgrade to multi-carbs don't run more than 2 two barrels, or if you use a modern 4bbl don't go to one bigger than 390 cfm. Headers and dual pipes make a lot of difference and is a good place to start. When you get into the engine itself you might want to consider boring it out to 3 5/16 and if you want to spend more money a merc crank and pistons will add more horsepower. While you're in there you might just as well upgrade the cam.
Does your motor run at present? If so, you might just want to run it the way it is until you get used to tinkering with it. Buy some good books on building flatheads and keep reading the flathead bulletinboards - there are some great ones out here.
Ask anytime you need help - if I can't answer your questions I know a bunch of guys who can.
I'm just finishing a total rebuild of my '48 F1 which is practically the same as yours. I hope you enjoy that truck - they're terrific.
This link will give you a lot of reading time
http://www.btc-bci.com/~billben/flathead.htm
Tim