There's not a thing wrong with the 2 bolt mains 350's.
A whole lot of those motors have been used in circle track racing and on the drag strip.
That 2 bolt lower end will easily support up to 500 HP with no problem.
Stock or aluminum connecting rods are only good for about 425 HP, they'll break before the mains give way!
Seen it before!
In my experience, these modern engines with reasonable care, will run +200,000 miles. If one keeps a car that long.
The electrics in the car usually start going bad after about 10 yrs or so, that's time to get rid of'em!
For years, I've built and rebuilt Chevy small blocks for my use, to sell and to hot rod.
At present, I have 5 SBC's in my shop, two on engine stands, ready to go, a 383 stroker and 355 (350 bored 0.060"), two '81 and earlier 350's that need rebuilding and a totally worn out '85 305 to build up.
A couple of them to sell, the others are going in street rods I'll be build over the next few years.
It's not a business, it's a hobby for me.
If you can come up with a little extra cash, and a weekend to work on your truck, a really good upgrade would be to swap out the TH350 for a 700R4.
I think the 700R4 came out in the early '80, so finding a serviceable one in junk yard shouldn't be hard and not expensive.
That transmission is a four speed with overdrive.
It is also a 'stronger' transmission than the TH350, or TH400.
The 700R4 is about 3" longer than the TH350, so the crossmember under the rear of the transmission will probably have to be moved back.
Later model frames would probably have the necessary holes in them, but a drill and bit and you can make the needed holes in a few minutes.
So, the drive shaft would need to be about 3" shorter as well.
Measure your shaft before you head out to the junk yard and you should be able to find a shaft there as well.
The 700R4 will give you much better gas mileage and a lot less trouble than the TH350.
I hope you have many easy cruisin' miles on your Taxi Engine Habib!
Keep us posted on how you're doing with your vintage GMC truck!