I haven't owned a "7" so don't know what they're like. The grub screws are item 5 in this extract from the 254 parts manual and described as "grub screw – plug" – so are they just plugging holes that can be used by the 4-way toolpost?
Mine has the standard clamp, as shown in the picture, but I have a size A Multifix tool post and it looks like this will fit if I sleeve the "clamp post" … but first I need to replace the bent clamp post!
![myford 254 tool post.jpg myford 254 tool post.jpg](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)