Welcome to the shop. I think you're asking the right questions and hopefully getting good help on your final decision.
I would think you could have the best of both worlds. I would hesitate to modify a clean, original and somewhat rare truck. With the '54 you already have the full-pressure 235 and I have to believe there are those in your area who could rebuild your hydro. I'd check with an older established shop and talk to the guy with the grayest beard there. Your truck should be able to cruise comfortably in the fast lane and unless you're going for a concourse restoration, I see no reason you couldn't drive it on a daily basis. I see lots of original trucks running around here and they are always welcome at the local cruises and car shows.
Good luck and keep us posted.
