I have been using a 3-4 year old $59 Michelin 3-ton floor jack to lift a 54/55 GMC COE 25' flatbed's rear end and it works real well. This is a heavy jack with cast-iron body that is still being sold by Sam's Club (probably for $79). This jack has the fast-lift mechanism.

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.