The '57 distributor can be installed in the '54, but you will have to use the '54 driven gear on the '57 distributor. Also, a '55 or later oil pump and drive rod will have to be installed. The '54 uses a flat tang to drive the pump, the later one uses a hex shaft. The later cap and rotor will be required also. It can be run without vacuum advance if you want, but the advance curve will need to be tweaked for maximum performance. The vacuum advance can be connected to manifold vacuum, but you need to be careful to not provide too much total advance. When it is all sorted out, I think you will be pleased with the results.