"Does the transmission come off while the bell housing is still attached to the motor? Sounds like I should be able to access the bottom bolts inside the bellhousing while everything is still all together, is that correct?"

Yes, that is what Ed describes, above.

And, that is as described in the 1954 Truck Shop Manual).

And, as described in the 1960 Truck Shop Manual - page 8-16

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.