Yes it will try to go everywhere. Depends in the size of the line you're cutting, how much lower the open fuel line is than the fuel tank and how full the tank is. A good sized drain pan may be helpful.... along with a bolt or similar of an appropriate size to stuff into the open end of the hose.
If you can easily siphon the tank into gas cans that will help. If the rubber fuel line is fairly new you can crimp it shut with vice-grips. But that may tend to split the rubber and you'll be back in the same boat, needing to replace the rubber hose while fuel runs out.
Unless the '55 Vic has an outside-air fuel tank vent, removing the gas cap and covering the filler neck opening with a layer of tape may slow down the flow of fuel coming out. (Don't leave the tape in place more than 30 minutes or it can make a sticky mess.)
Adequate ventilation and an easy to reach fire extinguisher are important too.
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