The photos were done when I replaced the Holley with a small base WCFB. I bought another air cleaner off E-Bay and second adapter on the WCFB is for a large carb flange which would be right for you. I cut the bottom out of the main body and mig spotted the top to the body. Painted with Eastwood Argent.

56 Vic, B'Ville 200 MPH Club Member, So Cal.

I have the original Oil Bath ( now Dry) on my Holley. I just had to bend the 2 Tabs on the Bottom flat so it would sit on the 4160.
0 Flange.

  

The 1953/1954 Holley model 2140 4V carb has the same air cleaner flange as the 1955/1956 Holley model 4000 carbs as well as the 1957 & newer Holley 4150/4160 carbs .  See if this link to a past thread helps.  This was a 4V Teapot air cleaner that was converted to a paper element design while also being fitted to a Summit 750 cfm carb.  The Summit carb has the same carb flange as your model 4150 Holley.
 
http://forums.y-blocksforever.com/Topic131104.aspx

Lorena, Texas (South of Waco)

it should fit i know a 55 tea pot breather will fit a holley.mybe the 54 is different

I have a 1954 Monarch (Merc) oil bath air cleaner from a tea pot carb. I have installed  a 292 Holley 4150 4bbl carb. I want to adapt or find an adapter that will allow me to use the oil bath air cleaner on the Holley. Any suggestions.
Bert