A 54 3600 235 is already going to have a full-pressure oiling system with insert rod bearings so no need to upgrade there unless you want more HP. I agree with the complete brake rebuild as well as the dual circuit upgrade. Maybe a power booster too. Too bad nobody has come forward with an easy disc brake upgrade for this series truck. Kingpins, tie-rod ends, wheel bearings should all be in good shape. Parts are still available.
By utility bed do you mean a flat/stake bed? There was a dual rear wheel option for 3/4-tons starting in 54. Look
here. Lots of guys think it's almost a necessity to swap to a 12 volt system with alternator but I disagree. It may make sense for your use of the truck though. I would also recommend you insure that all lights, gauges, wipers, heater/defroster etc. work well.
Personally I love 3/4-tons.
Good luck!
