I have a '54 3600 with the straight axle and I have installed power steering on my truck. You are correct about the steering arm/drag link having smaller tapered studs than "some" of the 3/4 ton trucks produced. Having gone through this, the easy fix was to use the supplied steering arm, replace the two top bolts through the backing plate with bushed grade 8 bolts. This allows you to use the adjustable drag link with the proper steering arm on the power steering unit. After moving the shock mounting to the appropriate location, and mounting the power steering unit to the frame, check to make sure the arm/draglink steering arm combo is as near to level as possible. I mention this because you can use an arm that is made for a "lowered" truck to improve the angle if your truck sits low. I would go with the 1" tie rod, making sure the ends are rebuilt or new. I have had mine installed for a year and it has made a terrific difference. There is a ton of information to add but, it can be done.
