It would be a good set to collect, especially to display. The W554 set has the highest % of HOFers of all sets of its size with 13/18 being HOFers and also an O'Doul who should be.
Ive only had maybe 10 of them over the years and all have been the sepia with name at bottom type. I think the B&W ones are really the cards aka R316 5"by7", but Im not sure, maybe some can show a true B&W W554. The SCD Catalog says the W554 are B&W and this should be corrected as they are obviously sepia in most cases.
The stock of the Sepia ones Ive had is sturdy for the size, far thicker than R309-2, R310, R311, R312. The main condition prob would be corners and maybe pinholes, they dont seen to have many big creases but sometimes corner creasing. Most if not all of the images are the same as the R316 group (3 sets), and the smaller W553 and Leader Novelty sets.
The commons can be had in nice shape for under $25 sometimes, and the HOFers sometimes for $35-$50 or slightly more.
edited to correct to 13 HOFers