Your bore will be as close to .540 as @!*% is to swearing with that factory barrel. I wouldn't worry about a thou. here or there. Normally, guys use .530" or .535" balls as those are common ball sizes in their .54's. Some time ago, back in the late 70's or early 80's, 54 cal barrels were available that actually mic'd .530" and therefore the Lyman .526" ball mould was used in them.
Our 'standard' patch, that shoots perfectly well in every single gun we've ever tested it in and that's probably over 100 different barrels, is 10oz. denim, which mic's .0205" to .0225" depending on the manufacturer. It works well in square rifling with .530" and rounded rilfing (deeper) with .535" balls. It is easy to load in either of these barrels and with spit (actually spit - not vapour) a water based lube like we use in the winter, you can shoot all day without needing to wipe the bore and accuracy will not change over the day's shooting. Some guns don't shoot as cleanly with the greases, some do. That can depend a lot on the powder charge. If you were shooting 120gr. in the .54, it could foul more than a 90gr. charge.
12oz. denim is about the heaviest I've seen - runs .030" with standard dial calipers and .025" in my mic if I ratchet it normally briiiiiiiiiiiiiiiiiiiiiiiiit. that's the material I use in the .69 rifle with the .684" ball. Some denims are marked by weight- ie: ounces, while others aren't. I always take my mic with me when buying material for patches. After getting it home, I wash it twice - 1st time with soap, then run it through the wash cycle again without soap, then mic it again. Denim usually stays about the same, but I've had it reduce in thickness with the sizing removed, and I've had it grow as well. I think this is a result of different makeres of the cloth.