I personally will want to cry if you do that. A 1 ton tow is a fairly unique truck. Maybe not the same value as 1/2 ton. If you want a 1/2 ton, it would be a lot easier to buy one. I see them for sale all the time. What are you going for? A stock 1/2 ton or daily driver/street rod? IF stock and still want to swap, a '54 will have better gear ratio. I don't know if cab mounts changed over the years. If driver/rod, you might as well go with an S-10 frame. You get all updates at once. Sorry if I sound harsh, but I would love to have that '54 intact. If you do the swap, post the rest of it for sale here. I might come get it & put a 1/2 ton cab on it. (joking) ( might still come get it & I'm in CO)