There is a
return spring to pull lever back off switch when you let foot off. If that spring is missing you may have found one of your troubles.
http://www.classicparts.com/1947-59...ylinder/productinfo/89-811/#.V_sdU-nrs5sYou should have this:
1954, Fig. 35 and first paragraph on next page:http://chevy.oldcarmanualproject.com/shop/1954truck/54ctsm1221.html With battery neg
disconnected and spring installed, Observe the actuation several times from under the hood to spot any loose parts or wasted motion with nothing happening. Wiggle and jiggle things roughly. Move it all by hand while under there, make the gear slide and make lever push on button, etc. If it all looks good, your correct rebuilt starter and new spring, the only thing that could cause trouble now is bad teeth on flywheel.