We modded the old 235 cubic inch 'stovebolt' six in my 55 Chevy years ago. Most of those in-line sixes (most inline 4's too) that didn't have cross flow heads have the cam and pushrods on the opposite side of the block from the intake/exhaust ports/manifolds. This means the designers can route all the ports (intake and exhaust) without having to work around the pushrods. Think about the intake side of your 5.0L - each intake port is constrained (width and shape/curvature) by where the pushrods have to run. In fact, back in the mid-to-late 60's Ford experimented with what they called a "tunnel port" 302 head. They simply made the port as big as they wanted in width and located it where they wanted, and created a 'tunnel' for the pushrod to pass through the middle of the port.
So in a way, having the intake and exhaust ports all on the same side did aide packaging - internal engine component and port location packaging. It's not optimum for performance, but very few American inline sixes were ever optimized for high performance applications
Chrysler offered hotter versions of the old slant six back in the 60's, and Pontiac offered an OHC version of the 230 cu.in. six in the sixties. As I recall, Car & Driver got a 67 Pontiac LeMans with the "Sprint" OHC six (230 cubes, 207HP w/4 barrel carb and 4 speed manual) to run in the 14's by bolting on a pair of small slicks, and stuffing 4.88 gears in the back. But in the days of cheap gas, big engine bays and big V8s - no one wanted a smaller displacement 'hot' six.
Look at many of the European inline sixes from years ago, and you'll find ohc or dohc engines with cross flow heads. Of course at the time, most didn't have access to big V8's or the engine compartment room to house them.
There's nothing inherent about the inline design that makes for better torque. In fact, the V8 is really just two inline 4's joined at the crank. But because of the engine architecture, usually the old sixes were oversquare - that is, they had a bigger stroke than they did bore. That longer stroke helped torque production especially at lower rpm. That's the main reason so many of the old sixes were so torquey down low - big, long strokes. 'Course, they didn't rev very high either - not much sense in taking many of them above 4000 rpm unless they're modded. There were some exceptions - Pontiac's OHC six was good for 6500 rpm - if the topend oiling problems it had didn't shut you down.
More detail than you wanted as usual from me....