.
...it would be a more difficult restoration, because of the absence of most of the 1950's components. Not impossible, but more painful and more expensive without some sort of donor bike or an extensive parts stash. There's a 1950's Bianchi on the local Sacramento CL right now that has many of the original parts still on the frame, but it's one of those rust projects. I have been cured of those.
1954 is not too old to find the stuff to build it back close to original, but it's old enough that the stuff is a little pricey.
So if your intention is to sell it and move on, that will save you a lot of money. But you ought to consider that in the sales price. I'm sure someone could put it back on the road in Davis or Sacramento with parts similar to the ones you removed, and that would cost less.
The whole restoration thing is a money pit, and I don't know many people still doing it,
except the guys over on the CABE. And they mostly are into old pre-war cruisers.
Edit: I reread this, and it seemed a little negative. A lot of the stuff, like GB brakes and
the Williams C34 cottered crank that are mentioned as "proper" build components, were made in great numbers, and for a long time. I have a Williams crank on a mid 60's Carlton, so it's not like they are rare, exactly. But it takes a long time to search them out in the United States, because not that many of them were sold here, as compared to the UK. Once you start shopping for stuff to do your restoration in England, the costs begin to rise rapidly.