Here's what the '54 manual says:
Remove king pin lock pin nut, washer, and steering stop. Replace nut on lock pin far enough to protect threads. Strike nut with hammer to loosen lock pin. Remove nut, then drive pin out with brass drift and hammer. With a small chisel, break king pin plug stakes (the thing you're pointing to) loose. Remove either top or botton plug by drilling through plug, and then driving plug out with a drift. Drive king pin out of axle with a drift. This will also remove other king pin plug.
Your rig may be different, but on mine the lock pins are different sizes for top and bottom, and they go in a specific way.
