I agree it looks like a 216.
The steam fitting wasn't on commercial engines of the period (or any of the later 235 or 261 that could have been put in easily). Although they could have transplanted the steam fitting to a later engine they were more often tossed.
The tin cover for the push rods looks as if it extends to the height of the valve cover so that would make it a 216 or possibly a very early 235.
The valve cover with oil bath breather and fill point is a correct for CMP part. Again, if the engine was being changed odds are they would have used the valve cover from the replacement engine rather than going to the trouble of swapping the covers.
The carbs look to be Carter rather than Zenith or the Rochesters you would expect on late 235 or 261 engines.
You also have the period correct (3rd photo) takeoff below the carb for the brake booster, another part that often goes missing.
I think it all points to original CMP engines.
About the engines - By modern standards they are feeble for the weight but you already knew that. The "splash" lubrication system is criticized by many but seemed to work reasonably in it's day by flowing large volume at low pressure. Like every oil system dirt is an enemy as well as people who won't read the book when doing work on systems they aren't fully familiar with. Babbit bearings aren't as easy to replace as the newer insert bearings but went through a lot of abuse without leaving all owners stranded. I believe it is possible to convert engines from babbit to insert bearings (for a price) if you want to keep what looks to be an original engine but find the babbit bearings bad. There are also outfits who will redo babbit bearings, again it comes at a cost.
Keep in mind my comments are from the North American perspective, not Australian. I have no idea if later engines were the same wrt carb etc in both areas. Not sure why they would have been different, but it is possible.
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