gbalke - I have a 54 AW hub that is smooth as silk... but it won't be going anywhere as it will go back in the Raleigh it came from when I build up a new wheel for it.
Don't see many 50's hubs as I do not see many 50's bikes and when I do, they are coming in for tune ups... it was in the mid 50's that SA briefly discontinued the AW and replace it with the flawed SW which would have then been replaced with spare AW hubs.
Might explain why Aw hubs from the mid fifties tend to be a little scarce compared to 40's and 60's hubs (which are abundant).