I have been curious about this for quite some time now. I honestly think it would bolt up and function, however I'm pretty sure that that missing coolant channel would turn into a massive coolant leak from the head. It would need to be blocked off, or a plate made to return the coolant moving through it to the coolant system. However, if that port leads to its own 'closed circuit' of coolant, then it might just bolt up and work. I have also read a few posts saying that the coolant in an M52 circulates the opposite direction of an M54, but I don't see that as an obstacle worth stopping over. If I had the funds to get an M54 head and an M52 short block specifically for this experiment, I would. Maybe I will this spring when I level out a bit financially.