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Back in '12 I took a '54 long-block to the Y-block Guru at a local machine shop to see if it was rebuildable. He told me it was, but only because it was a 'late' version. It seems the early cam bearings and a few other parts(?) hadn't been available from his suppliers for a long time, so he couldn't do those engines. If 'someone else' could round up all the obsolete NOS parts then it would be possible.
'55 and up parts are more commonly available.
The handwriting is on the wall ???
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I wonder about that too. My Ranch Wagon has 66k original (actual) miles, runs quiet and smooth, has good oil pressure, doesn't overheat...but it smokes when you first start it up (some folks had said this might be valve guides...I replaced the valve "seals".) On rare occasion it made a very mild main bearing sounding noise for 4 or 5 seconds at start up, though it doesn't do that much anymore. The compression is pretty even between cylinders, but it's only a little over 100 PSI compared to the 125 or so spec for new engines.
In other words, it's showing it's age, but is still reliable. For the 500 miles/year I drive it, I figure that's ok, but I'm thinking if the engine ever gives out I'll just find a 272 or a 292.