Yes, your 54 bellhousing, clutch, flywheel, everything will bolt right to the back of a 61 235. The only major hurdle to cross will be the water pump. You will need a short shaft pump, modify the shaft of the 61 pump (and change the pulley) or use an adapter plate with the 54 pump. Otherwise you will have radiator clearance problems. Maybe you know all this already. If not search these forums for posts about the water pump. There is even a F O R D pulley that will fit your shortened shaft. Running the smaller diameter early 235 pulley can overspeed the pump and cause cavitation. Good luck. :p

Professional Novice