Cool old bus! I have a 1954 Chevy short bus that I am having hauled back from Montana to Florida as we speak. Tried to drive it back twice for the fun and the glory (huge mistake both times). The brakes kept locking up on me, and I had to abort the mission. I think that the power brake unit (hydrovac?) is the culprit. I have amassed a small fortune in my bus just trying to get it back home.
I have similar questions about upgrading the brakes, etc. Having thoughts about finding a late model 4WD donor vehicle to go under it to make it more dependable, and so that I can drive it cross county (to scout the countryside for more old buses, of course!
Yet another nostalgic side of me wants to keep it original, and just hop up the 261 motor. Good luck with yours. PS: If it's ok with you, I would like to use your pictures on my website for educational purposes.
Mine can be seen at
http://www.oldbus.us/PhotoGallery/Chevrolet/tabid/61/Default.aspx