In theory, yes.
Assuming your 54W CPU is either a G4560 or a 4th gen i3 etc?
I'm not aware of a 5W motherboard (but could well be wrong).
You're probably looking at more like:
54W CPU
70W max MB
10W RAM
20W max per HDD
75W GPU
So probably around 230W max draw.
The VS450 isn't the best, but *should* be capable. Whether it works for weeks/months/years though, is anybodies guess.
If you can, I'd suggest a CX450M as a much, much better PSU.