Isn’t the Phantom’s radar acquisition range much shorter than the range of the AIM-54? If this was simply to test the launch / separation of the missile, it makes sense. For actual deployment, I can’t see how.
This blog post suggests that it was “a test program to demonstrate the missile ejection system” to be used for the Phoenix on the F-14: http://up-ship.com/blog/?p=6201
Hush-Kit 
A Phoenix-armed Phantom would have been a truly fearsome beast. I can’t believe this was never picked up for production.
Isn’t the Phantom’s radar acquisition range much shorter than the range of the AIM-54? If this was simply to test the launch / separation of the missile, it makes sense. For actual deployment, I can’t see how.
There was a test to see if the F18 could handle it. Failed
This blog post suggests that it was “a test program to demonstrate the missile ejection system” to be used for the Phoenix on the F-14:
http://up-ship.com/blog/?p=6201