Don't worry about "raining on my parade" Moneypit. If I knew everything I wouldn't be posting questions in this forum. I appreciate you taking the time to provide such a complete answer. Although I grew up a grease monkey spending time wrenching with my grandfather it has been many years and my "trainer" in such things has long since passed. My 54' is one of the last connections I have to him and I only recently managed to save it from the scrap yard through my shear persistence and a bit of luck. The truck means a great deal to me and I am just trying to learn as much as I can so that I can work to not only bring it back from the "brink" but create something I can share with my own kids. The winch is definitely not the highest priority item on the list by a long shot, I was just working on trying to create a "master" overall plan so that I can keep the number of setbacks to a minimum. I believe I have a nearby economical source for the winches and was trying to figure things out before I told them I was interested. I also believe I have managed to track down a Muncie PTO (single speed, one direction) for the SM465 for $100 but I obviously didn't want to purchase it if the whole thing wasn't going to work. I thought the PTO winch thing would be unique and kind of fit with the vintage of the truck. It sounds like electric may be the best way to go but more importantly probably won't effect the other choices I have to make in the rebuild until way down the line. Below I have include some of the many links I came across that made me think about going that way. Thanks again!

P.S. Thanks to the rest of you guys that chimed in as well. It is greatly appreciated!

http://www.ford-trucks.com/forums/899233-pto-winch.html
http://www.cj-3a.com/installing_a_pto_winch.htm
http://forum.ih8mud.com/40-55-series-tech/61398-gertrude-centre-mounted-pto-winch.html
http://www.pirate4x4.com/forum/showthread.php?t=576510
http://www.vernco.com/PTO/id131.htm
http://cgi.ebay.com/ebaymotors/M35A...ckQ5fPartsQ5fAccessories#ht_11094wt_1167
http://cgi.ebay.com/Braden-bumper-w...s&hash=item4cf2e63feb#ht_1968wt_1141
http://www.forestryforum.com/board/index.php?topic=33202.20
http://www.boyceequipment.com/Boyce_Equipment_Catalog_7thEdition1.pdf

1954 6100 Chevy Dump, 292 L6, SM465, 2-speed rear
http://community.webshots.com/user/grampsold54