One guy's opinion, Steve...
Hold out for a '54 Merc four barrel intake manifold. You want this for port alignment with your '54 heads.
As mentioned, Speedway is a source for adapters for later four barrel carbs to the early '54, 55, and '56 4 bbl. intake manifolds. Vintage Speed (Charlie Price) in Florida is another source for carb adapters.
With the '54 Merc 256 engine displacement, IF you're going to go with a four barrel carburetor, consider looking at the Holley Carburetor web site. Under the heading 'Products' you'll find a listing for 'Street Performance Carburetors'. When you toggle that heading there is a sub heading 'Street Performance - Traditional'. In the 'Street Performance - Traditional' listing you will find a Model 0-8007 390 cfm carburetor with electric choke and vacuum secondaries. Holley offers numerous packages and components for installing this carb. when you toggle that carb listing.
IMO, with the small primary throttle plates and vacuum secondaries, this carb will give you the throttle response and drive-ability I THINK you want for street use. My recollection is that the factory installed '55 and '56 FoMoCo Holley 4000s used on 292 and 312 engines had a rating of 330 cfm.
Hope this helps.
NoShortcuts
a.k.a. Charlie Brown
near Syracuse, New York