Olive Green (RAL 6015)
After a long process of investigation, checking and comparing it looks like the color for the 1950 Commander engine is closest to RAL 6015. Deep down, between the mud, grease and carbonised oil I found some small areas of this color. It matched reasonably with the color sample I received from Studebaker International. Also the Forum more or less supported this choice so here it is:
In the pics it shows a bit different due to the flashlight. Left you see the two valve covers, below a few more pics of the result.
And as a reference a pic of the block before I started.