As I said, 55C is not at dangerous levels, but I still think that is too warm for that CPU.
The last 2.53 GHz ('B') P4 I built (with retail cooler) ran at 39C under full load.
My own Athlon 2400+ (2 GHz) overclocked to 2.2 GHz runs 41C full load.
Just because a CPU can run at up to 85C without damage (the case with most modern CPUs) does not mean that it should. Also, P4 CPUs will reduce their clock frequency if they get to around 60C. It's quite possible that Jimbear's P4 is running that warm under maximum load.
Jimbear, did you put a fresh layer of thermal interface compound between the CPU and heatsink when you changed that CPU?