Nick:
Although it looks like you have your answer, there is a website which has scans of every page of every American Flyer catalog from 1938 through 1966. You can go to that website, click on the 1954 catalog and see each cataloged set plus the page has a list of the set contents. Unlike the website for Lionel catalogs, this one is free. Here’s the link: http://myflyertrains.org/AF_Ca...lbert%20Catalogs.htm
Bill