This raises an interesting point for me too. I'm assembling my 1954 261 after machining and went to install the dipstick tube. I couldn't find it and figured I'd misplaced it, but when I looked at photos of the motor when I first bought it, pre tear down, the dipstick goes directly into the block— no tube. I compared the 261 dipstick length to my 235 dipstick and it's significantly shorter. So if it did sit in a tube it probably wouldn't register any oil at all.

Do you guys think this is a replacement dipstick or do others have this same set up? Looking at the 1954 truck manual there was nothing specific to the dipstick, so I'm not sure if it's correct.

If it is the right length is there really any harm in not having a tube?