The toe-in setting is the single value for the difference between the tire-to-tire measurement at the front of the tires relative to the tire-to-tire measurement at the rear of the tires.

http://chevy.oldcarmanualproject.com/shop/1941/41csm071.htm

A lot of different measurement methods and tools can be found on-line. Here is one technique. and another technique is shown/described here.

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.