Kip,
Here is some more light reading on the 1954 truck Hydra-matic transmission There are only minor differences between the 53 and 54 (and between 54 GMC and Chevrolet) Hydra-Matic set-ups.
When you get to the point of being concerned about the 1st to 2nd shift point (mph), be forewarned that this adjustment is really sensitive. Of course, at this time, this is the least of your concerns regarding this transmission.
Good luck.
