I did the Mark V swap into my '69 C10 about a year ago. It is not cheap but is is a very good axle. Brake parts are on the expensive side, not so much the pads but the calipers and rotors. The rotors have a directional fin in the vent ports. Most cars I guess do not have this so it makes them kind of rare. If you need to replace the calipers then save the old ones for the core they are worth around $70 at nappa.
The Mark axles are wider than the Versailles, and have coil spring perches vs the Versailles leaf perches, they also fit the wider 60's style trucks better. Not sure how wide your '54 is but I had to run a bit of a spacer to get the wheels out to the edge of the wheel wells.
I ended up fabricating an E-brake bracket that works very well. I did not like the '77 version of the e-brake bracket on the caliper that hangs below the rotor. I searched in the junk yards and found a late 80's early 90's Mark that had reversed brackets that pull up rather than down. Also out of that same late 80's/90's Lincoln I used the e-brake cables ends that connected right up to my old C10 cables.
Here are some brackets that I fabricated so that the e-brake arm pulls up not down. You can see them mounted on the calipers in the first picture on top of the caliper.
