Chambies,
First things first, has the '51 been changed to open driveline allready? in other words does it have the '55-later bellhousing, 3spd and rearend installed and running? or are you just planning to do this?
If it has allready had this work done on it, then the T5 is by far the cheapest/easiest thing to do. The cost of the automatic adapter alone is more than a T5 swap.
I would consider getting a different set of gears for the rearend also. Most T5's have a 4.03 first gear, which would be useless with a rearend that steep. Even the first gear in a 700R4 isn't ideal for use with a 4:11. A 200-4R would do better, it's cheaper and easier to get, is smaller in size but costs as much as the 700R4 to rebuild. Keep in mind that the OD automatics HAVE to have the TV cable setup properly, or you will burn up the tranny. So some funky bracketry is involved to get the cable to work with the older engines.
Any tranny can live behind a 235.
A 350 or 250 tranny could also be used, would be the easiest/cheapest of all autos, but you won't have overdrive, and you will be turning some pretty high rpms on the highway without the overdrive and a 4:11 rearend. I hope that engine has been balanced! if you do go without an overdrive, look for a 3:36 or 3:56 center section for that rearend. The engine will thank you.
If you currently have a 3spd and driveshaft from '55 to about '64 in there, it will have the course splines on yoke and tailshaft, so when using a T5 or any of these autos, you will need to change the entire driveshaft due to tranny length and finer splines.
The 55-62 car and 48-59 truck bellhousings have the modern tranny bolt pattern, so the T5 will bolt up without a problem.