Kevin,
It looks like you have a 1949 body.
You are right about the head being 1953 235
Your engine ID (not the block casting number) T54Y = 1954 235 engine used in Powerglide equipped 1500 (Sedan Delivery)
The Flarestat looks to be a four-way flasher unit (6v and 12v versions were available).
Flarestat 105 on eBay Flarestat 6v (I think) series 100 unit Tim
