You mean a 54cm frame? Should fit. Might even be too large. Best to go to a shop and get yourself a fitting.

On the other hand, if the bike feels fine and it's inexpensive, I say just go for it. I'm assuming you're doing a conversion of an old road bike?

Listen to Gyeswho. Good advice. Luckily there are plenty of tough but reasonably light 80's frames which are also pretty inexpensive.