MSK,
Chevrolet stopped putting the month of production on the serial number tag after the 1952 model year. Although you could look for a '54 car with a low serial number which would indicate it is from early in the production year.
As indicated in the previous posting, you MIGHT be able to tell from trans, rear, or engine block casting numbers. But on a 50 year old car, any of these parts could have been changed.
Wouldn't it be simpler to find other "February 1954" items to go with the car (ie calendar, magazines, movie memorabilia, family pictures...)? Just a thought...
Good luck with your search.
DCMatt