It is quite easy to knock out the old bushing and seal (from the inside-out/back-side-out) when doing the 3.55 conversion. Just knock the old bushing forward with an appropriate diameter long pipe (I forget if we used a 1.5" or a 2" pipe).

Tim
1954Advance-Design.com
1954 3106 Carryall Suburban
1954 3104 5-window pickup w/Hydra-Matic
The 216 and early 235 engines are not "splash oilers" -- this is a splash oiler.