By the serial number and head casting number and casting date, it looks like this engine is a '54 235. In addition, the "Y" serial number suffix is for the powerglide-equipped car engine, which originally came with hydraulic lifters, so chances are good (if not 100%) that the lifters are hydraulic. Is there any lash with the engine running?
Edit:
Could the head casting number really be 8386848? Also, could there be an F or T in the engine serial number, as in "F54Y" or "T54Y"? I made these assumptions in my assessment above. Also, the intake number might match a '59-'62 intake. Could the exhaust manifold number be 3835587? That would be for a '50-'62 235/261 exhaust manifold.
