Should bolt up to the bellhousing with no problems. Not sure about the driveshaft, I didn't have to do anything to the shaft in the '55.
If you can't come up with an original control cable, I'd suggest using one for a power take off box. They're alot heavier that a standard type cable. I found that it works much better for the o/d application than a standard cable. You can also use a headlamp relay to actuate the solenoid. I used a 40 amp rated relay from Standard/Bluestreak that works very well.
Once you get it hooked up, you'll enjoy driving with it. Cuts the rpm quite a bit. I can run 65-70 mph in od at about 1900 rpm. That's running with 3.90 gears and 30" tires.

Bill Burmeister