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They are not interchangeable with any other engine family.
'54 is different than '55-'56 which is different than '57-'64 and there will be subtle variations within those ranges. '57-'64 will work in a '54-'56 but it requires some changes to the way the distributor is used and/or that other components be swapped as well.
Functionally, the late Y-Block distributors are as good as a small block or FE distributor so swapping in that sense would not gain anything.
Stock distributors can be rebuilt and there are quite a few aftermarket options.
You want to look for a 57 up Y Block distributor. Some auto parts places still can get rebuilds. WHY? The 57 up has both mechanical and vacuum advances.
Also get a Pertronix electronic ignition and coil. Ignition Products
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