turbo 261
A vented oil pan is what you wind up with when your rods and crank etc go through it when it disentigrates. The 261 is an old engine design, coming out long before all the whizz bang hi performance stuff came out and was basically a truck engine, designed for low rpm operation.
Its ok to build one up but they just arent a high rpm engine and wont tolerate a lot of cylinder pressure of the kind you are looking at with a turbo.
You would have to get with a more expert person on Chevy engines than me about what the swap would entail putting in a 250 or 292 I-6, but the 250 and 292 are modern design engines with 7 main cranks while the 261 is an old 5 main design. The 250 is also a lighter engine weight wise, and the 292 will weigh no more than your 261.
I am reconning that about all you would have to do is swap the bell housings and motor mounts to do the job. You might have to fabricate new frame mounts for the engine mounts. This could well be done by robbing them out of a vehicle that had the 250 or 292 in it. The 292 was used in trucks only, where the 250 was used in about everything Chevy built from 66 on up, that had an I-6 in it.
There are a lot of hop up parts on the market for both the 250 and the 292, where finding stuff for that 261, well good luck on that. The 250 and 292 are very receptive engines to modification and will easily put out 1 hp per cubic inch without turning stratospheric rpm, and do it on pump gas as well.
If you want to see stuff for I-6 engines, check out Clifford Performance. They are 6 pack gurus.
You would also need the appropriate flywheel as well as the bellhousing. Unless Chevy changed the bolt pattern for the transmission to mount to the bellhousing, there should be no problem there. I seriously doubt you would have to do any drive shaft work, since all three engines are relatively the same length and the transmission should not have to be relocated.
The 219, 235, 261 sixes all date their technology back to the late 20's early 30's, while the 250 block and 292 came out in the 60's.