Hi rude1,welcome from Scotland.
Assuming your '54 spent the bulk of it's 50+ years in So-Cal,the rust shouldn't be too horrific!
There's plenty of repair panels available should you need them.
I'll wager a bet it needs 'treatment' to the lower cab corners,and the right hand floor pan at the battery opening.
(Don't ask how I know!)
You're obviously no stranger to restoration, it's exactly the same as your 40,just bigger!
Just ask away in the relevant sections and the advice will be forthcoming.
Pics would be nice too.
See you around the 'bolt.
Good luck
Jock