All tonage 1955 1st series trucks with HM or manual trans, the drive line was open.
All 1954 3100 1/2 ton trucks with HM or manual trans, the drive line closed.
All 1954 3600 3/4 ton and up trucks, the drive line was open.
Note: The 1941-42, 1946-47, 1948-53 Chevy 3600 3/4 ton truck had a short closed dive line then transitioned to a open drive line. PICTURE

The 1955 1st series trucks and 1954 trucks look virtually the same.

The availability of a new HM trans is non-existent.
Your best bet is to find a used one and have it rebuilt.
Rebuild cost are around $2,800 dollars.

The 1954 passenger car used a Powerglide trans. and would not be a direct bolt in option on the 54, 55 1st truck chassis.

1954 Hydramatic Truck Specifications