Hey JDL,
After reading about your adjustment technique, I'm not sure you've got the brakes adjusted properly. That needs to be done, and correct toeboard clearance set, before you bleed them. Check out this site. It's got free access to the shop manual for '54 Chevy trucks. It'll be a big help to you if you don't have one.
http://chevy.oldcarmanualproject.com/shop/1954truck/index.htmlWhen I did the brakes on my '51 GMC I followed the manual exactly and ended up with solid brakes. If I were you I'd probably go for what they call a "major adjustment." As you'll see from the manual, this involves loosening the nut (just a little) that holds the pin at the top of the backing plate that the shoe return springs hook to. Put the drum on and turn the adjuster out until you can turn the wheel, but not easily. Bang (gently) on the nut of the pin and the backing plate. I used a 4lb. hammer for this, but GENTLY. This helps seat the shoes in the middle of the drum.
When you do this, you'll find the wheel will mysteriously turn much more easily. Tighten it up and do it again until the banging (tapping?) doesn't result in any difference in the drag on the wheel. Tighten the nut back up to 60-80 ft/lbs. At this point, my manual says to back off the adjuster 14 notches, don't know what the '54 manuual says. I thought 14 notches was a pretty strange amount, but I did it and my brakes are good. Good luck with yours - you'll get them.
Take it from one who knows - good brakes are the most important thing to have on your truck.
David Bush
