DASchaefer,
Be sure to match your electrical system voltage to the Ignitor unit. They have a 6v and a 12v Ignitor unit for the '54 distributor.
As Xram stated above, the 1112314 Delco distributor was used on all Powerlide equipped 235 engines in 1954 (and, all 1954 Corvettes came equipped with a Powerglide transmission).
Also, as Xram53 stated above, the 1112388 distributor was used on all (car & truck?) non-Powerglide 1954 235s (and on 1953 235 Powerglide).
Maybe someone knows what the difference(s) is(are) between the two distributors (maybe it was the mechanical advance weights/springs, but why would this affect the Ignitor?).
Very interesting question you have raised.
Tim