I read that the old '54 wheels will begin cracking in the centers, using radial rubber,

as these rims were not as strong as later Ford type 5 1/2" wheels (Avanti style).
You may want to be careful cornering as the radials are stickier and have a lower slip angle than the original equipment bias belted tires. Also later rims were made of thicker metal.
This problem is exasperated by the use of wild eng/trans combos, sway bars, and higher speeds.
This should not be a problem for those who have original cars with original eng/trans and bias belted tires.
Good luck...