AFAIK the 54 had a front sight base that was one piece with the bbl. Not a separate band & ramp like this rifle.
The caliber looks hand stamped with a couple of the numbers out of line and should be out with the Win bbl address on the bbl forward of the rear sight.
The rear sight was on a elevated boss integral with the bbl.
We see no rear sight, no rear sight integral boss, Winchester bbl markings,,just a lonely W/P proof on the bbl.
No pics of the Winchester bbl address or rear sight.

Lots of checkering,,gotta practice to get good I guess.
Maybe there's enough wood left to remove it.

The 'engraving' is all done with punches, mostly small circle/dot punches to form the designs, scrolls, ect. There's no cutting that I can see there.

Good possibilitys for the rifle I think,,but I wouldn't have gone quite that far into my wallet for it.