The '54 engines are different enough from the later ones that not much interchanges, so the readily available speed parts and typical upgrades either won't work at all or are more difficult to make work. That said, it will respond to the same tricks you would apply to any other engine, porting, compression increase, bigger cam (probably reground on your existing cam) etc. The problem is that you will have a lot of money in it for little gain.
Dress up items will interchange.
Your best option would be to sell it to someone who is restoring a '54 and needs it to be original as possible, and swap in a 292.
Lawrenceville, GA