The engine is indeed a '54. Your head and block casting numbers are the same as on the '54 truck engine in my '53 6400. If the character after the 54 (which denotes the model year) in the serial number is really a Z instead of a 2, as in F54Z, this engine was originally a regular production passenger car engine. It is full pressure oil, but likely not full flow (referring to the oil filter, if equipped), unless it has been modified.
