Craig,
I also think the cigar and cigarette lighter were the same accessory. There are aftermarket 1954 lighters available (don't know if there are aftermarket lighters available for '47-'53) and, while they match the '54 dash "buttons", they do not match the style of the original accessory lighters (which was the same style for 1947-1955). Jim Carter has a tech article about this accessory (with pictures):
http://www.oldchevytrucks.com/cgi/htmlos.exe/002128.2.8464535050500004723 [ Jim Carter does not seem to like for people to directly link to pages on his site - go to his home page then go to Technical Articles - look in the bottom section, under "General Technical Articles" in the column labelled "1947-55", the article is named: "1947-55 Cigarette Lighter". sorry about the bad link
http://www.oldchevytrucks.com/ ]
These show up on eBay every so often. If the old socket is bad, the aftermarket socket fits the original lighter/button (there are lighted and unlighted 6v/12v sockets available).
Tim