^^^^^
Long ago I had decent success using those blue gel bricks you freeze for picnic coolers, stuffed inside a homemade insulating jacket, for fermenting lagers, much like Richard suggests with water bottles. I switched out a set morning and evening.
54°F doesn't count as lagering. But lagering (holding beer around freezing temperature) is not necessary. There are two distinct processes to be executed in making the beer:
First is fermentation and flavor maturation, which are done by yeast. They will only do this effectively at warmer temperatures, and will do virtually nothing below 40°F. If you ferment at 54°, and at about halfway to final gravity (around 3 days normally) allow the beer to free rise to room temperature, this will keep the yeast active. They will do all the "cleanup" of diacetyl, expulsion of sulfur, and such as they are finishing up fermentation. When you reach final gravity, the beer is fully matured flavor wise. The yeast have no more to do. This entire process should take about 7 days if you have pitched an adequate supply of healthy yeast into wort with adequate nutrients.
The second thing to achieve is physical stabilization, that is, clarification. Dropping the beer to near its freezing temperature (ideally 29°-30°F) for 7-10 days, or at most 3 weeks, will not only settle yeast, but will also form and precipitate colloidal haze, improving the stability and foam characteristics of the beer as well. (Much more than 3 weeks cold storage at these temperatures will begin to precipitate body- and foam-active colloids and evolve permanent haze; you have a bit more leeway at temperatures up to 36°F; above this, again, you're not really lagering.) If you cannot get the beer at least close to freezing temperature, then there is no point whatsoever in storing the beer for any period of time. You can fine it and package it as soon as it has reached final gravity and the yeast begins to settle. The only noticable disadvantage will be chill haze when you cool the beer for serving. The great advantage will be fresher, less oxidized beer than you'll get with a several-months-long process at ANY temperature. Once beer is fermented out and clarified as much as possible, it is not really ageing, it's just getting old.