The 1112388 distributor would be correct for the '54 235, excluding powerglide-equipped engines and Corvette. The 1112314 distributor was used on the '53-'55 Corvette 235's.
The Pertronix 2005 catalog doesn't give distributor numbers for the 216/235/261 engines (at least not in the one I'm looking at online). There is, however, a footnote that excludes the 1112314 distributor, so the two units must be quite different. I would say that the Ignitor unit they specify (# 1168) should work fine on the 1112388. You could ask them, just to be sure.
