Personally I don't trust the rubber caps for any extended periods.
You could also tap the inside of the nipples for aluminum or brass pipe plugs. (Steel can cause issues.) It will look prettier too!
It may depend on the A/C compressor. Didn't they change compressors in the later '70's which required the thermostat housing to be offset on the intake?
Radiator hoses may need a little rerouting. But the 273 radiator may be too small to handle the extra size & HP. If the core is original, I'd be concerned about the durability of that too.
Moroso and some other companies have a squarish housing that has a hose outlet at 90* The top can be closed with a plate or a top that accepts a radiator cap. aregardless of the housing you get, you'll need to confirm the mounting bolt spacing.
The bottom 2 bolts thread into the aluminum timing cover. I've stripped them out a few times over the years. That may be why it won't torque down.
You might be able to get by with a slightly longer bolt and catch a few threads that aren't hurt. But it will likely strip eventually anyway. You...