SWS, I think you probably scored a nice one!
By the serial number, it's a post WWII rifle. Check out
w3.one.net/~melchar/30-06/surp1.html for LOTS of information, and illustrated field and detail stripping.
From there, you might be able to check the stampings on your various parts. The trigger assembly and it's parts, the bolt, the operating rod, rear sights, gas cylinder, front sight, stock and buttplate could be a serious mix of parts, as almost all M1s were rebuilt at one point or another.
The date on the barrel is correct, 1954. Given the stampings on all the other parts, with the correct resources (I think one of Scott Duff's books has a ton of information about dates of manufacture), you could tell what, if any, parts are 'correct'. (Garand collectors use this term, as in the part is 'correct' for a rifle with that s/n. )
AMMO: Like it was mentioned, DO NOT SHOOT COMMERCIAL AMMO, unless it is specifically designated as an M2 substitute! If you handload, stick around 150gr pills, with 168gr being the heaviest you'd go. IMR4895 is the equivalent of the powder used in the original M2 Ball ammo, with IMR4064 as a close match, also. Stick with those. Starting loads should be around 44-45 grains, not to exceed 49, but work up slowly if you do. One of my rifles loves a 155gr HPBT over 45.0gr of 4895.
I think you'll enjoy it. The M1 is a peice of history, even if it's a post WWII rifle. It's what a semi auto rifle was meant to be!