What pulley size is on the harmonic balancer?
What puller size is on the generator?
It looks like the pulley size on your water pump is wide - 1/2" or maybe 5/8"
The standard generator in 1954 used a 3/8" pulley (even on 261 motors - it looks like that in parts manual).
The optional higher-rated generator in 1954 used the wider pulley, maybe 1/2" or 5/8" (as shown on your water pump).
Do all of your pulleys seem to have the same size grooves?
If yes, the wider pulley should be correct?
http://chevy.oldcarmanualproject.com/parts/1929_54http://chevy.oldcarmanualproject.com/1929_57
