Well, maybe a good place to start would be to gather requirements. ;-0
I've always been intrigued by the Ethernet solutions for the C64.
Having Ethernet is a great solution. Many of the solutions out there
only need a few I/O ports for interfacing, and with some onboard RAM you
have buffering that allows the host machine to do real work without
constantly polling the interface. (Well, you still poll the interface,
but you get some breathing room for real work.)
It's also really easy to send packets on an Ethernet. You don't have to
get fancy and do the full TCP/IP thing. (Nor should you on a C54.) The
physical link layer does the CRC for you, so you can do a simple
protocol on top of that.
Mike