An original 1954 1/2 ton will have a 235 which is a good engine. If it was me, I would keep it all original until I was in a situation, place and had finances to build it the way I wanted it to be. Safety comes first. Good brakes and good steering is absolute top priority. After that, chew off a little bit at a time. Before you take on replacing the whole drive train, read the Stovebolt forums about topics of what others have successfully done. Learn from other member's tastes, experiences and mistakes before you lay out the green. For example, if you want to stay with an in-line six (no V8 hotrod) and maybe want more expressway speed then look into the popular topics like S10 five speed transmission, disc brakes, finding the perfect rear axle ratio/rpm/mph/tire size.
