The best treatment for digoxin toxicity with a pulse rate of 54 beats per minute and evidence of a degree heart block on ECG is administration of digoxin-specific antibodies, also known as digoxin immune fab. This treatment specifically binds to digoxin, neutralizing its effect and rapidly removing it from the bloodstream. Lidocaine is used to treat ventricular arrhythmias, but is not the first line of treatment for digoxin toxicity. Defibrillation (DC shock) is not typically used to treat digoxin toxicity. Phenytoin is an anticonvulsant medication, but would not be the first line of treatment for digoxin toxicity.