O.K. I have had some experience with this one. I puat a '73 K1500 frame under a '57 pickup and now undergoing a front suspension swap on a '46 panel. I would highly recommend saving as much of your original frame as possible. Body mounts and finding places to put such things as radiator supports are a real pain once you get rid of them. I don't really know the width of the '54 front horns but we bolted on an '87 front suspension to the '46 prior to our recent project. If the late model front suspension is the same width, it should work great.
milt