I recently mounted a 54 hood on a 49 Frankenstein truck. It was comprised of a 47-53 GMC fender, a 52 Chevrolet fender, a 47-49 upper radiator baffle and an aftermarket grille.
I am here to say that I was able to fit the entire front clip, including the 54 hood perfectly without having to modify anything.
It was no more difficult than assembling a front clip with all original parts. (which, BTW, is a major pain).
The only significant difference in the 54 hood is the front emblem holes. They are not recessed in the 54 hood. They are located in the same locations as the earlier hoods and are easy enough to deal with, using body trim clips in place of the original emblem backing, which is usually rusted out anyway. As mentioned above by Tim, extra holes for side emblems may need to be drilled for some years.
Carl
