You are looking at the right place.
Somebody has screwed in pipe plugs where the oil line goes. This was a shade-tree mechanic fix on some '53-'54 235 engines. When the metal line plugged up from sludge, some owners would remove the stock line and screw in 1/8" pipe plugs in the block fittings. Then they would route a copper line from the oil pressure port on the driver's side of the engine where the stock oil pressure gauge was hooked up. This copper line goes around the engine, to a fitting on the passanger's side of the head. This carries oil to the rockers when the stock line inside the pushrod cover was plugged and removed.
If this has been done, you should see an external line, about 1/4" inch in diameter, attached to the passanger's side of the head between the #3 and #4 sparkplugs. If you find a 1/8" pipe plug there, then the shadetree fix was not done, and there is NO way for oil to get to your rockers if the motor is a '54.
Another possibility: Are you sure this motor is a '54? The pinched-off feedpipe was used on the '58-'62 engines. (It could have been swapped years ago, tho) These engines also did not have the internal oil line, as Chevy re-designed a block passage to eliminate that internal oil line, and allow hydraulic lifters to be used in all 58-62 235s.
Post the block date code, which is cast into the block above the starter. You will see 'CON4' above the starter. Look just to the right of the CON4, and there is the date code. Also, how big is your water pump pulley? The 4" diameter pulley is a '53-'54 engine. A 6" or 7" diameter pulley is a '55-'62 engine.
The bottom generator mount bolts to the oil pan rail on a '54. The gen mount on a '55-62 is about an inch above the oil pan rail on the block.
Post the block codes, the size of the water pump pulley, and location of lower generator mount to determine year.
Look for an external oil line to see if the shade-tree fix has been done.
Happy hunting, Chip
