1933 and 34 have a narrower block than later cars so some mod is needed either to the starter motor or the bell housing to put a later engine in. And the shift lever is mounted on a frame cross member, not on the transmission. So doing the mods you suggest in a way that is reversible requires careful thought.
I run 60 mph on my original 33 engine with the original transmission and rear end, so it is not out of the question that his 34 could do the same. Since its not a PE, I'm pretty sure he has a taller rear end than I too.
The PF also had the wire wheels, no vent windows and no door openings in the side of the hood...
I like the color combination too. but then I've also got 33 two door sedan painted with a blue body and black "sheet metal".
I generally set the radio (on my new car) to the local jazz station. That keeps my pressure under control. All bets are off about my pressure if I set the radio to a talk station.