It's probably less work to replace all the bushings and suspension and steering parts to make the current suspension work right than to swap frames.
A '54 150 is a 1/2-ton GMC with a long box, right?
I don't recall the wheelbase lengths on all S10's, but I think you'll need an extended cab long box to be even close. That means you'll need to modify the length of the frame, or cut down the bed.
There is a kit available to put a 1/2-ton short box on an extended cab frame. It would solve some of the problems but leave you with a few.
S10 is probably the best choice for a frame swap based on what I've read and seen, but I can't say I'd recommend doing it.
