Thanks for all the replies! Yeah, my primary concern is to have the appearance of a stock bed, with the benefits of lowering it without bottoming out. I may actually use the bed, but it will be for light duty household hauling.

The work will be completing by a very competent local hot rod shop. So I won't mess it up! smile

If I choose to raise the floor, it will be no more than 1", so I don't mess with the embossed bedsides that were on the '54.

When raising the floor....Does anyone have any good ideas for fillers between the rear crossmember,.wood, and tailgate? To give it that finished looked when the tailgate is down?