The column side is a new cup and turn signal. The word turn signal describes a function, not a component, I believe you are saying a new "cup" bell and a new turn signal switch. ??

You will need to determine what each wire on the switch does. As you are asking. You already know what the harness wires do.
Before answering, I need to know a few things. I think I know the answers but I want to be sure.
1. Which bundle is from the new switch? The one with connector or the one without?
2. Whichever one it is, it seems they are both new. Harness is new. Switch is new. So why is there a connector shown? Was this connector pre wired or did you do it or what?
3. Can you give the vendor and part number of the new switch?
4. Did this 54 already have a turnsignal set up on column? and need some new parts? or all new addition.
5. I believe 54 was the first year for a factory turn signals option.
6. Do you know how to do a continuity test if necessary?
7. You may want to read the tip section as a preparation. Cletis has a tip in there.

As you can see with electrical questions, I take things slow.

Right is right, even if everyone is against it, and wrong is wrong, even if everyone is for it. - William Penn