The '92 is a raised block, the '54 has better flowing heads.
I'd say that either will work, the question is all the little stuff you put on the outside. If you have access to parts for either, go with the one you want.
I'm talking stuff like the dist, intake and carbs, and the water pump and thermostat housing. Valve covers, oil pump and pan, and mounts are the same. Damper and front accessories are pretty much the same too. Watch out for anything mounted to the heads, since that may be an issue. Adapters for transmissions will be the same, since your years are both without the extended bellhousing.

If you can get stuff for only one or the other, go with that. The '92 is heavier.