The '54 is a good year engine to have. On mine after I got it back from a rebuild I had no oil to the lifters. The '54 has a tube inside the lifter cover that runs from the rear cam bearing to the middle of the block and then through the head. Mine was pluged solid. I replaced it and also un-pluuged the fittings where it connected. This all assumes that your just lacking oil to the lifters, not the entire engine. Have you any oil pressure on the gage when spinning with a drill. If not are you sure the gage works?
I would not even start an engine that is not showing oil pressure, until I figured out why. This is not a splash oiler and you will not get oil to rod or main bearings if in fact there is no oil pressure.
