Welcome.
Here is a link to the Model directory for an 1197.
https://packardinfo.com/xoops/html/modules/modelinfo/viewmodel.php?modelnum=1197&ButtonLookup=Go The engine is close to correct in that the Thunderbolt is a Packard straight-8 engine which is what the 1197 had originally, except as you can see, a 282 with a Stromberg carburetor. The Thunderbolt engine was used in the 50s. It would have a Carter carburetor.
This engine may have some improvements over the 282, but a rebuilt 282 would be just as roadworthy.
Convertibles came with leather upholstery. I can't tell if yours is leather or not. A few chrome pieces have been painted. The boot would be khaki or black canvas, not leather or vinyl.
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