mrhaney,

The 1954 Shop Manual states 0.018" (0.015" to 0.022") for used points and 0.022" (0.018" to 0.024") for new points.

I usually set them 0.019" new and 0.016" used and check them every 1,000 miles.

Someone else might have dwell settings (30-32 degrees??). I use a dwell meter, if one is available.

Tim