As is often the case when changes were made around 1953-55, a simple statement that the steel gear changed to the cast-iron gear in 1954 is not completely correct. One has to be careful - people have posted photos of the two gears (Pre '68 Dave?) and that is the best way to be certain of the gear used on a 53-54 distributor.

http://chevy.oldcarmanualproject.com/1929_57chevyparts/57cmpc0222.htm

http://1954advance-design.com/Web%20images/216-235-261-cams/

Tim
1954Advance-Design.com
1954 3106 Carryall Suburban
1954 3104 5-window pickup w/Hydra-Matic
The 216 and early 235 engines are not "splash oilers" -- this is a splash oiler.