I have modern tie rod ends on my truck. The drag link uses the same ones, so my truck uses 4 total. The draglink and tie rod are custom made. It does eliminate the problem of backspacing.
If you use 1 ton tie rod ends for 1954, you won't be able to connect them to your tie rod. The 1 ton uses a different tie rod length and thread diameter/pitch.
Your options are: 1) different wheels, 2) spacers, or 3) custom setup like I have.