Howdy El Ranchito and All:
An OEM 170 will most likely have a solid lifter cam as FoMoCo didn't plumb these engines for hydraulic lifters until somewhere in the '64 1/2- '65 model years. You will need to look for the block casting numbers, on the side of the block below the exhaust manifold. If it is a C4DE or C3DE, and has a small hole distributor, it is a solid lifter cam.
You could use a hydraulic cam, but you must use solid lifters with it. The profiles between a hydraulic and solid cam are slightly different, but the big differences are the lifter and the adjustible rocker arms.
We have only had experience with 200/250 hydraulic cams, so have no 1st hand experience with solid lifter, performance cams, but here are some facts and some thoughts.
Most cam makers list conservative grinds as hydraulic and more agressive/race grinds as solid leaving you with few, off the shelf, choices. Your stock '63 170 cam is very puny, at around 232 degrees of duration, but fair lift at .360". Later, Hyd 170s came with 240 Degrees of duration but only .348" lift.
Given the light weight of your Ranchero, relatively low gearing- in both the tranny and rear-end, and compression, I think you could easily use a solid cam in the 250 to 260 duration range, with .380" to .400" lift, with lobe spread of 110 to 112 to maintain vacuum.
That's my two cents, for what it's worth.
Adios, David