If you use the 1947 torque-tube rear-end, it has a 4:11:1 ratio. The 1954 rear end has a 3.90:1 ratio.

One advantage of the 4:11 rear end is that the ring gear carrier works with the 3.55 ring and pinion conversion (if you ever want to o the conversion). An earlier carrier can be used in the 1954 3.90 rear end, if you want to do the 3.55 conversion