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i have one from a '71 truck in my '54 panel. i didn't do it but it looks like a direct bolt in. the spring perches are smaller then the '71 so i bought the tie brackets from mid fifty (the '71 uses 2 1/2" wide spring and the '54 is 2" wide) and you'll need new shock brackets (the shocks are on the front of the '71) also from mid fifty. not sure if the u-joint is the same though.
The nice thing about this swap is that the rear end from a 67-71 Ford pickup is a direct fit. You will need to have the drive shaft fitted by the pros. There are plenty of positive traction units in the 67-71 ford truck in the savage yards. I picked up a rear end from the savage yard in good condition complete with a positive traction third member and 3.70 gears for $200.00. I went around look under the trucks until I saw the tag with the "L" between the numbers which signifies the locking differential. Best wishing and happy hunting.