Great information guys, thanks to all of you.
From the discussion above there is no disadvantage in a 1954 261 engine to leaving the rocker arm center connector piping, that dumps oil onto the head, as it is. There may be a negligible improvement in oil pressure (advantage) if I crimp off the end of the discharge piping.
As the engine is being built with a "Bulldog cam", will only be driven occasionally on the street, and I'm using 10W-30 oil, I will leave it stock.
Have a great day,