The 7 bolt side cover trans is a Saganaw full syncro trans. No similarity to the earlier Muncie units. The 48-54 transmissions are completely different from the 55-65 version. There is an interesting snap ring operation holding everything together in the torque tube end.
If you notice in Dave's picture of the brass syncro ring, it will have a dimple in 4 places on the ring. This process was performed at the factory which actually presses the brass outward into specific holes in the sleeve. Without having the means to do this press operation the syncro ring will not be properly held into the sleeve which can ultimately cause it to pull out. Also the brass syncro rings are not the only thing that wears out. You can also have wear on the lugs on the steel syncro ring and on both the clutch gear and the 2nd gear engagement points.
Fred