I did my 54 several years ago and was very pleased with the results. I used some additive to add with the paint that helped getting rid of heat transfer.
http://www.ratrodsrule.com/forum/showthread.php?t=16204
I have a s-10 rearend on my 54 f100 It uses a 4 bar with coilovers. I run 2 inch spacers and 3 inch wider fenders to run 10 in wheels with 275/60 r 15's