While the block and internals are essentially the same, most everything that mounts to the engine differs from the 47 to the 54 engine. The water pump is different as is the front engine mount plate, the intake and exhaust manifolds, and the distributor, just to name a few items. Also, if the 54 has a hydramatic transmission, the crankshafts differ between the two engines as well.
You might be further ahead to rebuild your engine.