On my 59 gmc, I drilled a 5/16 inch hole in the latch mechanism to block the travel. I then simply put a Master lock through that hole. Not sure about the 54, but the 59 has plenty of room to reach up there and unlock it with a key, but not enough room to be able to snip it with a bolt cutter.

The cable system sounds interesting, but how do you route the cable so it can't be seen. Also a new hole might be needed in the dash and/or firewall. In a show vehicle this might add up to a points deduction.

As for a solenoid (battery opperated device), What happens if the battery dies, or the solenoid fails?

John
Remeber the KISS philosophy. Keep It Simple Stupid.