I'm not aware of any hidden pitfalls. It's an excellent time to flush the system and refill with new coolant. I would just buy a new one since they're available. O'reillys shows two new build pumps available. One for $90 with a year warranty and one for $110 with a lifetime warranty. If you're planning to keep the car and drive it, it might be wise to buy two and put one on the shelf for the future. They won't get any cheaper.

@tiny Thank You! 
Is there a gasket between the water pump and the block?
The radiator is original & have been thinking about getting it recored. Maybe I do both projects  together.

We have owned the 54 since July 2002, she was my Navy retirement gift (I wanted a Harley but my wife was a widow and once she saw the I-15 here in San Diego I got out voted). The car had 37K original miles on it in 2002 & now has 48K on her.

I love the 54 and plan on keeping her indefinitely.

I GREATLY APPRECIATE the Assistance Tiny👍👍

@tiny

She turned 60 on 5 May 2014 so dressed her up. Will do the same on 5 May this year @ 70 y/o👍

@tom-berry 

Hi Tom

Beautiful car!

Dad had a 1954 Bel Air, same color as yours, but a 4 door.

He sold it when I was 2, but i still have a distinct memory of it.

Tiny's advice on the water pump is spot on.

Regarding the radiator, if it isn't leaking, and you don't have a heating problem (you don't mention one),

I wouldn't touch it.

I wouldn't even use a cleaner in it.

Just drain and flush, change the pump, and refill with a 50/50 mix of distilled water and good antifreeze.

@ole-olson Thanks for the remarks! We love this Chevy! 
Is there a gasket between the water pump & the engine block?

I will flush the radiator too and give her some fresh anti-freeze.

When we bought her she overheated all of the time but I put in the correct thermostat and now she runs cool as a cucumber👍👍

I have not changed the water pump on a 235 but I've never seen one without a gasket. The gasket normally is in the box with the pump.

@tiny THANKS👍👍

Tom, I have a 1954 3600 pickup truck. I replaced my water pump last year and yes there was a gasket between the block and water pump. I would bet yours takes one as well. It was not a hard job and was straight forward. Good luck and I like your car.

@david-zamecnik Thanks David!

We LOVE our 54!

ATB,

Tom

@david-zamecnik Dave, do you think I need to remove the thermostat housing before removing the old water pump? Bought the new WP yesterday @ O’Reilly along with a fresh jug of Prestone.  THANKS

@tom-berry , Tom you do not have to, but I changed my thermostat and gasket as well. I figured it was cheap insurance since I did not know how old it was.

@david-zamecnik Thanks!