Greg,
This is the first time I have heard of a serial number stamped on the top of the frame rail on a 1954. The 1955-57 is that way.
The date would be the day-month the frame was made. There were two or three suppliers for the frames as they were not all made by Chevrolet.
The F would indiacte the engine was made in Flint, 54 the year of the engine and Z indiactes its a regular passenger car 115 HP engine - but you may have already known that.
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Chevgene