Unfortunately, the shaft on a '54 is part of the steering box and goes up to the wheel uninterupted. The 50/70 shaft is most likely longer than the 40/60 shaft. So, unfortunately, yes, you do have to use the shaft.
An easier way to convert it would be to find a '56 40/60 parts car and swap the complete system over. In the '56 cars, the steering column is coupled to the box with a rag joint and is a whole heck of a lot easier to handle--especially if you're trying to install it with the engine in the car. If you go this way, don't forget to grab the center link and the driver side vent box as they are different on a power steering car. Everything should bolt up in a '54 without modification.
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