The odometer tells how many miles are on car, could have had 15 engines in it, still isn't supposed to be reset... As mentioned there is a Fed law forbidding such, but has no doubt happened on full restorations, where engine, transmission, rearend, suspension, brakes etc have all been replaced... If engine is replaced you have to make a note at what point, then add mileage to that figure...
What's next? 347... Seriously, don't just concentrate on the engine, with these old cars modern steering and suspension mods can make a big difference.