If your '54 has the original carburetor, then you will not use the same source of vacuum for the '61 distributor. For the '61 distributor with an original carburetor, your only options will be manifold vacuum or no vacuum - simply cap the advance unit port. Vacuum is not mandatory for the newer distributor. It is only an economy feature.
If you have a newer carburetor, then you will most likely have the options of manifold or ported vacuum or to cap the port. In this case, I would not recommend capping it in this case.
The '61 distributor gear will not match the '54 cam so you will need to swap the gear from your old distributor to the new one. The car is 63 years old, so check before you do that. It could have had anything done to it by now.
There is no basic points conversion that I'm aware of which also controls timing so you will still need full functionality of the mechanical advance and it is your decision about the vacuum advance.
Lawrenceville, GA