You're fine as long as the breech plug face is a compression fit with the shoulder that's there. The shoulder in this case will be small but you don't need much to make a seal and it is more important to have wall thickness around the plug.
You have to consider that .54" is almost 9/16" so your 5/8" plug will not have much shoulder to engage. It's a trade off as you have a 15/16" barrel and if it were fitted for a plug the next size up, a 3/4" (or 12/16") plug, that would only leave 3/16" of barrel diameter....divided by 2 and you would only have 3/32" or .094" wall at for the plug. Thin breech for a .54 caliber.
Now, it's late but I hope somebody else is around to grade my math. Good night.
Enjoy, J.D.