You can probably go to 55-60 ft.lbs on a cast iron flathead six engine. Torque values didn't come into widespread use until after our cars were built.Check the Van Pelt website for suggested torque values. What is important is to tighten from the inside out(follow the correct torque sequence),so as not to stress the casting and gasket.
There is a torque chart that I have been using lately, the torque values are listed for sae grade 2, 5 and 8...7/16" grade 5 is probably what you have for head bolts/studds and is close to the value Ross mentions above....I would recomend the lower end of the value as it is real easy to pull threads in our old cast iron blocks.... http://constructionmisc.tpub.com/TM-5-3710-200-13P/css/TM-5-3710-200-13P_22.htm
Where Are You From? Leavenworth, WA / Yuma, AZ
Do You own a car built by Durant? '25 Flint H-40 2door / '25 B-40 Touring / '29 D-40 Coupe / '23 A-22 Touring