I think they are the same except for two minor details which won't affect the swap. The front and side emblem mounts. The 50 had 2 side emblems and the 54 had one. The 54 front emblem used oval holes to mount and the 50 round holes. The '50 may also have round recesses around the holes. Your 54 emblem will work on the 50 hood and on the side you may have to fill a couple of screw holes. Your pal may have drill a couple of holes.
'51 Chevy 1/2 ton w/'62 261, HEI, offy, fentons, dual carter/webbers, t-5 & 12 bolt posi
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