The 3 significant changes that I have made on my 1954 Suburban, in order of value & performance & enjoyable drive-ability are:
2000: 3.55 R&P conversion (and ALL new bearings/bushing/seals - venders sell kits - double your costs and spend the money)
1972: 1960 261 engine (cheapest available engine I could find, when my original 235 died)
1975: 4-speed SM420 rear end (when I gave up on the 3-speed jamming/locking in gear)
No regrets on doing any of them, but, I wish I knew then how to deal with 3-speed shifter-linkage parts and adjustments.