[scicala]

That all depends if the distributor has been updated with a 1957 or later centrifugal advance one. If you remove the distributor cap, and the rotor is spring loaded in the counter clockwise direction, then you have a '57 or later distributor and should be OK.
Otherwise, with the '54 distributor the timing advance would be too aggressive if hooked to manifold vacuum.
I guess if it runs well, and doesn't have spark knock, I wouldn't worry too much.

Sal