I couldn't find a clear picture of the head so cannot say for sure about valve seat inserts. You might want to call around to older engine rebuild shops they might have and old fart around that will remember if those heads had any problems. Other option is to Google classic Olds web sites.
They only had one V-8 engine from 1954 through 1956 (bore and stroke), the compression ratio going up each year from 1952 through 1958 as gasoline improved and power output became an important sales tool.
Year -- CR
1952 - 7.5
1953 - 8.00
1954 - 8.25
1955 - 8.5
1956 - 9.25
1957 - 9.50
1958 - 10.0
In 1955 the Buick and Cadillac were running 9.0 CR, Chrysler Hemi 8.5, Desoto 7.5 CR, Ford thunderbird 8.1 (man trans) 8.5 (auto), Lincoln & Mercury 8.5, Nash & Rambler started year with 7.8 CR but after 5000 engines jumped to 8.25, Packard 8.5 CR, Pontiac 8.0 CR,
You can assume that the 10.0 compression ratios expected to run on 98 -100 octane premium, so you can see your car, expected something in the low mid 90 octane range (without carbon build up). I can remember comments in magazines at the time that engines that ran on premium did not like running on 85 octane gasoline found in Mexico.
Engine had flat top pistons, valve springs were single with damper coil. Valve spring pressure rated at 156 lbs @ 1.5 inch compressed length. Lift intake and exhaust 0.403. By 1958 valve spring pressure had gone up to 227@ 1.437, with valve lift at 0.435.
In 1955 intake valve opened 14 deg BTDC, exhaust closed 14 deg ATDC. By 1958 valve events had moved to IO @ 16 deg BTDC , EC 20 ATDC.
Ignition point gap .016 , spark plug gap .030 distributor dwell angle 26 - 33 deg, fireing order 18736542, cyl numbered odd drivers side, even passenger side, #1 front drivers , #2 front passenger. Idle speed 400 rpm (transmission in drive). Minimum compression 120 psi . Normal oil pressure 35 - 45 psi.
Oil summer weight 20 , winter 10W ( this is before dual viscosity oils became common)
As you can see from the specs this is a pretty average tune engine for the 1950's. With the low valve spring pressures I doubt you have much to worry about.
Larry
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