Redbird... answering both posts, questions:
First, no, the oiling is just a light drip when the engine is running. There is very little oil pressure to the rockers in a '54 235. Just enough oiling to keep things wet, so not at all like an SBC. Choice is to set the valve clearances with engine off, paying attention to the where in the rotation the engine is while working through each valve, so that it's clear when the lifter is on the low portion of its cam.
If you go to the forum's Tech Tips and scroll down to the section labelled Engine, you will find this tip on valve adjustment that explains the procedure: Valve Adjustment
. This is my preferred method, FWIW.
BTW, I strongly recommend you browse through the forum's tech tips, as you will find many answers to your questions, electrical, mechanical, body... lots of good info.
Or, you can set the valves with the engine running, using feeler gauges. No clips needed (and nothing to clip them to!).
Sort of takes three hands, but with practice it's a fine way to set the valves, just not my preferred method. And, the procedure is not like a typical hydraulic lifter SBC. This engine has solid lifters.
To your earlier question, the T54Z is a passenger car "Blue Flame" 235, originally mated to a standard transmission, and rated at 115HP.