If the motor was, indeed, done then the price isn't bad based on the photos.
1954 is the fist year for overhead valves and 12 volt electrical.
The '53 my Dad owned was a a very nice driver but it had the typical overheating problems that plagued a lot of Ford flatheads.
He had the special water pumps, brand new radiator, freshly rebuilt motor and it would still run a little warm climbing a long, steep grade.
Ran fine everywhere else, just climbing long, steep grades made it get a little warm.
He said the '53 he had when he was in his teens did the same thing on long grades but it was worse since he had the stock 50's water pumps.