It reads like you have a Series 20 McCoy -60- Red Head Racing Engine. They were the mainstay of Class D or later, Class C, C/L Speed until the Rossi -60- was introduced in the mid 1960's. They were also used in Class D FF. Dura-Matic and Testors produced a ton of them.
There were two versions. The early one has a flat by-pass casting. The final version had some metal added in the form of bulges on each side of McCoy name on the by-pass. That gave some meat to open up the internal passage way.
I had one that would do mid 150's. The good guys went a lot faster.
It's a good, honest engine.
P.S. I don't now about the 5XXX on the lug. Neither of my Series 20's are serialized.