Sorry for the other posts this is a TL/DR moment. But I think I have a workaround.
I have been receiving the above error in a BSOD at various points in both Rocksmith and Rocksmith 2014 on my Lenovo Y510p. My desktop PC with integrated Radion worked properly so I just thought it was a windows 8.1 issue. But it appears that is not the case.
igdkmd54.sys points to the Intel HD 4600 graphics card built into the chip set on the Lenovo y510p. For gaming and other High demand applications the Nvidia Optimus software is supposed to switch the graphics to the Geforce GT755m chipset. Apparently in rocksmith and some other games this does not happen and it triggers the BSOD when the Intel Driver flakes out.
Here is a potential work around solution that I got to work so far. The default global settings are Integrated Graphics and well the Intel HD 4600 while not terrible is not the GT755m
Open the Nvidia control panel
Click on Manage 3D settings
Click on the Global Settings tab
under preferred graphics processor select "High Performance Nvidia processor".
Click on the Program Settings Tab
Click the Add button under select a program to customize Select Rocksmith 2014 or any other application that was causing the bluescreen.
Under preferred graphics processor select "High Performance Nvidia processor".
A reboot may not be necessary but old habits die hard and I rebooted after making the above changes.
Repeat step 2 for any game that you are experiencing a problem with after changing step 1.
I was able to play for 3 hours with out any issues if anything changes I will figure out the solution and update this thread.