I learned something along the line while owning my 1952 Ford. Originally did a search here on the HAMB… but, did not find the answer. So… I physically lined up 1952, 1953 and 1954 Ford front fenders for comparison while out at a junk pile. All three fenders are similar, but have some major differences around the parking light/ grille opening area. Here is my 1952 Ford with the grille in it: And my 1952 with no grille or parking lights: 1953 is similar, but the parking light hole is filled partially. 1954 is completely different in the grille opening area (similar to 1955). Hope this helps someone out there. And while I have not yet tried to bolt 1954 fenders on my 1952, I see no reason they would not fit. (the radiator support could be different). The bumper filler panel, and obviously the upper lip, are different from 1954 to 1952… but the fenders themselves seem to be compatible. I did grab a couple of 1954 Mercury fender “Pieces”. Someone cut these off long ago. Not sure if I would attempt the graft the grille opening portion on my 1952 Ford. I do know that the Mercury fenders are longer (I measured them). The Merc opening is much lower than the Ford. Headlight rings also seem like a slightly different shape (I have both). Here is the “Honey Hole” where I compared fenders and grabbed the Merc pieces:
If you decide to go with '54 front fenders on your '52, I have a '54 hood latch panel, '54 upper grille panel (the painted one) and the thin stainless trim that goes on the outer edge of that panel.
Ford raised the fender height 1/2" and added a small peak compared to52-53. This was a transitional change making them similar to 55.
In '54 when they went to the IFS suspension the area around the A-arms were changed as well as the inner fenders, so the boltholes won't line up, if you can find a '54 inner fender try putting a '52-'53 outer fender to it. Notice the items in the lower right, these are what will locate the radiator further forward if you are doing a later V8 swap.