I have posted a few times and gotten some great responses and I am hoping for the same here. No matter which way I take my project I am going to do it right, learning as I go, complete frame off restore. That being said, both time and money are a huge factor as of right now. I'm obviously not talking weeks and I am not rushed, I just want to drive this baby. This will be a daily driver, not to offend anyone but I just don't have the money to spend thousands on a beautiful piece of work that sits under a cover in a garage. Maybe one day?
So...all personal preferences aside, i am debating a complete restore or a v8 mod with an s-10 chassis underneath and want to know which is best for the following.....
Total value after restore is compete
Total time it took to do the restore
Total headaches caused along the way

Total money spent restoring the truck.
Again I am not planning on selling this truck once it is finished but it would be nice to get an idea of what it would be worth at the end.
Here are pics of my truck. Bought it off a high school buddy for $200 and his great grandma bought it new in 1954
http://photobucket.com/1954chevy5window3100 It depends completely on your personal preference and how you plan to use the truck. If you need to drive on the highway every day, don't plan on a restored truck going 60 or 70 MPH.
My personal preference is modified, as I put 3-5000 KM on my vehicles each year. I need to have something that drives and handles well at highway speed, and doesn't need a lot of tinkering. The 47-55 trucks fit well on an S-10 frame, but you definitely need some fabrication skills.
If you can't do the work yourself for either option, plan to spend $20-50K, Minimum.
I can do all the work myself on my project, and am currently working on a 46 GMC that I'll have under $5000 in when complete.
To answer your questions, here are my opinions from what I've seen:
Total value after restore is compete: A modified truck completed to the same stage and quality (paint, suspension, etc), is almost always worth more than its restored version. There is also a bigger market for a modified truck, if you chose to sell it.
Total time it took to do the restore: Dependent on how far you want to go and your skill level. If you're a good fabricator, an S-10 frame swap is much quicker than a restoration (my dad and I did his '52 Chevy including paint in 4 months.
Total headaches caused along the way: Dependent on the starting condition of the truck and any parts you plan to use. Also dependent on your skill level. From this side it's probably easier to do a restoration, as everything has a place already.
Total money spent restoring the truck.: Again, dependent on your skill level, how much of the parts needed you can get used, and what you plan to do with it.
As has been said, ultimately you need to decide what you want. An old truck with a modern frame is still different to drive. However, my motivations for going that route are to have something I can cruise down the highway at 60-80 MPH, and take on a 1000 KM trip with no problems. The S-10 frame route gives you good suspension and brakes, and the front and rear suspension and brakes are designed to work together, not mis-matched as they are if you put in a front clip and whatever rear suspension you can muster. If you need to go to the parts store for chassis parts, you buy S-10 parts, instead of trying to remember what part came from what car.
On this site you're guaranteed to get a lot of people telling you to keep it stock, but ultimately it's up to you. I love old cars and trucks, but would not own a stock one that can't do highway speeds safely.