I'm not really sure what kind of comments you are looking for.
So whats wrong with the '54 frame? If you like the power and handling of the S-10, why don't you just customize and drive the S-10?
We all have seen many different frame swaps over the years. The ones that turn out well, are usually first, well thought out. In such cases, an awful lot of attention has been applied to all the major, and minor details.
This site provides a lot on insight for such projects. I would advise you to check out all the tech tips available. Page thru the Gallery and read up on the ones that interest you. A lot of "Bolters" either describe, or have photo albums to document their build or restoration.
Whether you want an upgraded, older styled truck, or a street rod, I say go for it. But before you loosen that first bolt, I would recommend that you do your research and see exactly what your getting yourself into. It would also be advisable to list what you would do yourself, and what (if anything) you would hire out. Get prices on all the parts and tools you will need. Obtain estimates on work that you may farm out. Determine where you will do the work, and estimate how long it will take.
Good Luck
John