First of all, welcome to the site!
The good news is, you have one of the most desired Ford trucks in the '54. People seem to like the 'fat-fendered' trucks a lot more than the later model versions. The bad news is, yes, you're asking too much for the truck.
Here's my reasoning; if the truck was a completed original restoration you might be right on the money for an asking price around the $4,000 mark. Unfortunately, many of us like the street modifications more than an original restoration (not all, but most) and for $4k we would be looking for a lot of the normal upgrades (i.e. IFS, V8, updated transmission/rear end, disc brakes, etc.).
These days most folks are looking for a good riding street-able version that we can drive once in a while to the local drive-in or the occasional car show. In short, for the money you're asking, the truck should be completed.
One of the most unfortunate parts in all of this is that a perspective buyer won't want to compensate you for the blood, sweat and tears you have invested. In their minds it was just something that needed to be done anyways and they still have a lot more to do.
That said (and remember, I own a Chevy) an asking price at around $2,000 to $2,500 might get it sold a lot faster than $4,000 but I'll defer that to a true Ford aficionado.
Mac
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"just as the Son of man did not come to be served, but to serve, and to give His life as a ransom for many." Matthew 20:28
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With any luck we'll still get to hear for those who know these old Fords better than I and may be able to offer more encouraging information.
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