Hi Jason. Welcome to the site!
Using the Pertronix would be the simplest solution but this keeps your distributor as an original Load-O-Matic (vacuum only) design which is fine if your carburetion is original. If trying to use a modern carburetor, then you’ll want to switch out the distributor to the later model mechanical/vacuum combination. On the ’54 model 239/256, that will require a distributor drive gear change as well as changing out the oil drive and oil pump.
See if some of these past threads help you out. Using the search function will bring up other related posts. If there are still questions, just ask away.
http://www.y-blocksforever.com/forums/Topic47440-3-1.aspx
http://www.y-blocksforever.com/forums/Topic39531-3-1.aspx
http://www.y-blocksforever.com/forums/Topic34768-3-1.aspx