You're looking at a carb rebuild - the needle valve is leaking or the float is sunk. But it's an easy task.
You're Seloc will be just fine for your '54. I don't think there's really anything significantly changed.
Get you're carb kit from a Johnson/Evinrude dealer rather than the aftermarket kit so you can get a new plastic float to replace the old cork one.
Somehow when they wrote the Seloc manual they forgot the most important part of rebuilding the carb, which is removing and cleaning the idle orifaces behind the soft metal plug on the top of the carb. Add these:
Disassembling:
Your new carb kit ought to come with a replacement, slightly convex core plug. Before proceeding, make sure it is the same size as as the one you are about to remove. If all is well, drill a 1/8" hole in the centre of the core plug. Then insert a small screwdriver or nail through the hole, and pry the plug out. It is very important that while drilling and prying, you do not let anything damage the surfaces underneath the plug. So restrict the drill bit from piercing much more than 1/16" beyond the core plug.
Assembling:
Coat the outside edge of the core plug with a slight amount of fuel proof gasket sealer. (Although this step isn't strictly necessary, I find it helps seal the plug and saves problems down the road.) Now place the plug convex side up atop the boss where the plug rests. Then, using a small drift and hammer, tap the top of the core plug so it expands until it jams tightly against the core plug's socket. Give it one extra tap for good measure.
Finally, have a look at this site here:
Click here
Be sure to have a look at the PROCEDURE page.
I hope that helps! Oh, and those intake dealyos are called intake silencers.