A PCV system was available in '54 on all truck engines, in all sizes of trucks. And, it was set-up as described by bebop40, except the oil filler had no breather and the valve cover had no slits in it (either would allow non-filtered air to enter the valve cover).

Passenger car options might have been different, but the 1508 Panel Delivery had a PCV option in 1954 (so, it would seem that other passenger cars had the a PCV option).