Here is something to chew on.
The 1954 Cadillac
Hydra-Matic trans. gear ratios are the same as the
1954 Chevrolet 3100 1/2 ton Hydra-Matic gear ratios. (upper RH column on page link)
1954 Cadillac Hydramatic trans. gear ratios Transmission ratio, first...... 3.8195:1
Transmission ratio, second... 2.6341:1
Transmission ratio, third...... 1.45:1
Transmission ratio, fourth..... 1:1
Transmission ratio, reverse... 4.3045:1
1954 Cadillac Rear Axle Ratio Options:3.07:1
3.36:1
3.77:1
What's interesting is, if you do the 3.90 to 3.55 ring & pinion swap.
On your 1954 Chevrolet 3100 1/2 ton with Hydra-Matic.
And wondered if the 235 engine would bog with the 3.55 ring & pinion.
The answer is no, because Cadillac used lower gear ratios than the 3.55
Granted the 1954 Cadillac used a V8 331 cu.in. engine with 230 hp.
Source PDF Page 126
Below is a 1954 US Army video on how "Fluid Coupling" works.
Auto Mechanics: Transmissions: &quo...s of Operation" 1954 US Army 13min One important note about towing a vehicle with Hydra-Matic trans.For Transmission Not Functioning Properly—The propeller
shaft must be disconnected at the rear universal joint and removed,
or the rear wheels raised off the ground, to prevent further damage
to the transmission when towing.
The reason is that the rear main output shaft bearings are lubricated by the transmission.
If the engine is not running the transmission is not lubricating the bearings.
When towing, the rear axle is still spinning the transmission rear main output shaft.