If your transmission uses a cable to drive the speedometer and your original speedo is operational and readable the only thing needed to do is clean the face and replace the 6v bulbs with 12v ones. As for the gauge cluster, you can still use the mechanical oil and water temp as is. If you want to keep the amp meter it will work as is or do not connect it at all. Some members have replaced the amp meter with a voltmeter. (Use the Stovebolt search option) The fuel gauge can be used if you ad a resistor available from the usual vendors. The other option for 1954 gauges is to buy an NOS 12v fuel gauge from a 1960 to 1966 Chevy FFC B (flat face cowl cab, not complete trucks) They used the same design for their gauges and fit right in the 1954 cluster. They sometimes pop up on ebay.

1954 Chevy 1300 engine 235 (1959)
1955 (first series) Chevy 3100 engine 261 (1957)
1927 (other brand) Model T- engine 327 (1968)