The standard water pump on the 54 will work. The pulley is separate, comes off when you remove the fan bolts. You should be able get a rebuilt pump at your local mom & pop parts store, if you need one. Should be far less than $75.
The 54 and early 55 235 have the water pump in the same location as the 216. Pump was moved in 55, and the engine compartment was lengthened. The "short shaft" pump being sold is to fit a 55 & later 235 in a 216 bay.
You now either understand or are completely comfused!
