Your 1955 SM420 transmission originally came set up for an open drive-shaft. Is your SM420 set up for an open or closed drive-shaft?

If you have an original 1949 3100, it would have an enclosed drive-shaft.

The 3.55 R&P conversion will get about 15% lower RPMs. Get a seals/bearing/bushings kit.

Others will advise on options for open-driveshaft rear ends.