I also have a 54MS. Mine was made in 1983. They were originally introduced by Anschutz for silhouette shooting, a later version was the 54:18 MSR which was a repeater (which I also have). I got a Kelbly BR stock from Champion Shooters and now use the 54MS in our informal IR 50/50 shoots at Camillus. They are very accurate, maybe not on par with a custom build, but with the addition of a tuner it does fairly well. They would be a good start for a BR rifle if you are just starting out to see if the sport is for you. Like I said you can get a new stock from places like Champion Shooters, or have a wood one made for you by Don Stith. They have one of the best triggers on the market, the action is smooth, and if yours is a good shooter you have the makings of a BR rifle. You can also have it rebarreled if you feel the need, but I would change the stock and see how it shoots before I make that move.
Ed