In the few states in which I have registered "antique" vehicles, they did not require lights/brakes/equipment to meet modern standards. However, original equipment had to be working properly (lights and parking brakes, for examples).

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.