Thanks all for your input. I'll go more in depth below.
Many thanks for the options here. In wiring the capsule directly to the output connector, is impedance that low still usable? Would the reduced level be correctable without noise issues?
Thanks! I'll check out that wiring before digging more deeply.
I wonder if the PE54 family all used the same transformer, now that it's been mentioned. There were 4 different models: the high pistol grip (PE54), dual pencil (PE54D), low pencil (PE54D-CN), dual pistol grip (PE54SH). Even though the descriptions duplicated here (
https://www.angelfire.com/music/harmonica/shure545.html) specify certain models and not others as being convertible through the use of jumpers, I also wonder if that was just a selling point (the leads had been clipped and the transformer covered with epoxy).
That leads me to the next question: 1) the purpose of the epoxy/silicone/mystery substance (was it for potting or acoustic properties or to keep everything in there solid)
and 2) the best way to get the epoxy/silicone out of the tube. I've noticed that some of the older ones (e.g. my old Pat Applied 545-S) seem to have a different colored, whit-ish, type of substance in there. Is it asbestos, or would that have made no sense to use in a microphone application?
I was thinking of gently using a pick (with maybe just a little acetone on a q-tip swab to help break it up).
Even if the transformer is un-convertible as is, it looks like it's possible to try several other options.
Are those replacement transformers of the same quality as the originals (and will sound quality change)?
Thanks again for all of your input.