buckeroo,

You are correct.

There is an "underpan" cover as shown in that illustration.

And, there is a flattish (embossed) vertical cover as you describe - it goes vertically on the lower "other side" of the clutch assembly housing's "under pan".

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.