The 170 was as big as they offered in the "Falcoon" in '62. Still, it was better than the 144 of 1960, especially with the 2 speed FoMo. The spring tower front ends of Falcons were notoriously weak, a problem that carried through on the derivative Mustang and even the Maverick.
Standard transmission was the saving grace on your car. '62 Chevy IIs with Powerglide were notoriously slow and fuel hungry. I believe you could also order a Chevy II with overdrive, as you could the Falcon after '61.