Yes and Yes...
A 283 was all they used in older Burbs ,like the 66 my brother used to own..they are 195 HP,and about 250ft lbs of torque,with a 2 bbl carb....it wont be fast by any means,but yes,it would propel it (so would a 250 six though!

)....a 305 in later years only had 140HP,and about the same torque..a 283 has a shorter stroke,so it will want to wind up higher,and will have less low end takeoff than a 305 will...it wont like highway gears like 3.08's or big tires much..
As for your old motor,you might be able to rebuild it--you cant tell until you pull it out and apart,and do an autopsy..its like asking if someone with a heart condition will die,without having any X rays..its anyones guess as to how much damage has occurred..it could be a bearing knock,and the crank is now scored--or it could just be a piston with a broken skirt,that could run clacking for a long time,or even a loose timing chain hitting the timing cover..can't tell without seeing inside the motor..pulling plug wires off might help tell which cylinder has the bad bearing,or whatever is loose..or a stethascope..takes an experieneced mechanic to tell what noise is what..
In the long run a good used motor is usually far cheaper than rebuilding an old one that needs any machine shop work..or a "Goodwrench" new GM motor ,or a rebuilt from a parts chain like Autozone(I have seen many nightmares on those types of rebuilds though--thats why I tend to buy "good used" motors I can hear run,and check compression and oil pressure on before I buy!)..
The difference between 30 and 40 weight oil isn't that much..I bet if you look at a parts store youll find staight 50w racing oil--guys who race cars with blowers use it..we used to sell "Grade 70" amalie oil for Harley Davidsons that was almost as heavy as 90 weight gear oil! (which you DONT want to put in your motor,so dont ask!

)... I'd say if 30W and Lucas doesn't quiet it down,then nothing else will either..
