I forgot that the 1954 Chevrolet truck Ignition Switch has three terminals on the back.

One terminal has a red wire from the ammeter that supplies/feeds voltage to the switch.

Two terminals are switched ON when the key is turned clockwise and switched OFF when the key is turned counter clockwise.
There is no 3rd accessory position in this switch.
One of the two terminals should have two pink wires connected to it. One pink wire goes to ignition coil and the other to the gas gauge.
The 2nd terminal is suppose to be used for accessories, like heater fan motor, electric wiper motor, cigarette lighter etc.
You can connect the flasher fuse to ether one of the two terminals.