Alongside the Nos 55 and 56, the No 54 is a rare find these days. And Millsman is quite right to point out the connection to the Humphries wch it does resemble quite closely.
But it was not fired from a discharger cup fitted to the No 4 rifle, for that was in 21/2 inch calibre, or bore, nor was it ever fired from either Mark of the Northover Projector, for that was in 21/2 inch calibre as well. In fact, the Northover was originally designed to fire the No 76 S.I.P. grenade, green top only, but would also accept the No 36 and No 68 grenades.
It is possible that Bombdoc may have seen some reference to the 2 inch cup discharger that was adopted in 1925 and that certainly could fire the No 54, but the SMLE series petered out after the Mark 111, before jumping to the Mark V, and the No 4 was fitted from the outset with the new cup discharger, designated No 3 Mk 1, when the decision to revert to a calibre of 21/2 inches was taken in 1933.
So far as I am aware, the Northover Projector was never considered for any calibre other than 21/2 inches.
Very interesting period, when many designs and concepts were being considered.
Alan1