Dale:
what i can remember about 54's is not much but i hope this helps. in 1968 my neighbor owned a 54 chevy. he had a sb chev in it with the original 3 speed. the driveline was enclosed and was a real PIA to pull transmission or to work on rearend. when we upgraded to a four speed the rearend was changed. i think maybe we could  have cut off front shaft and redone to accommodate the four speed open shaft. i would think if the car had been updated they would have changed rearend unless they kept original transmission
                                                                        Larry (z)

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