Bill, has your answers covered.
In case you are interested: the 1954 non-PCV engine would had a vented valve cover and an unvented oil cap. They designed upper-engine ventilation at the valve cover and lower engine ventilation at the road draft tube.
If you are traveling under 20 miles, you are not getting the engine warm enough to vaporize moisture that has gotten into the engine.
Another consequence of driving short trips is that you get more rust developing in the exhaust system.
