I can't say if it would be benifical or not over todays grinds. ??? But the 261 IS the cam that was used in the 54 Vette. and it is different from the 235 but it will fit.

My info say that a stock 261 cam equals:

Intake opens at 11 1/2 degrees before top center,
Closes at 52 1/2 degrees after bottom center,
With a duration of 244 degrees and a lift at the valve of .405"

Exhaust opens at 51 degrees before bottom center,
Closes at 13 degrees after top center,
With a duration of 244 degrees and a lift at the valve of .414"

Hope this helps with your question.