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In MY opinion:
I would pull the heads and check the condition of the cylinders, rotate the crank to check where the rings have rested against the walls for all those years.

Then I would pull and soak the lifters while I checked the rest.

Then pull the oil pan and check the bottom end for any moisture damage that could be cleaned up, pull the oil pump and prime it for a bit.

Pull and most likely replace the water pump.

Reassemble and go at it if all looks good.

IMHO only, OR roll the dice and watch the mess.

Angelo
Thanks guys. I ordered a new Kevco 9qt oil pan, pickup and high velocity oil pump yesterday....so the pan comes off and I will be inspecting the bootom end for moisture. Good idea to replace the water pump and thermostat. If I take a chance and don't remove the heads, what would be the best way to lubricate everything? Prime the oil pump then spin it with a drill(after filling the engine with oil and an additive to break in the cam), oil into the cylinders through the spark plug openings....what else?
Thanks again!
I would agree with all the comments. Did they break in the motor? You may want to put some break in lube on the cam lobes also. If the motor was never started and cam break in lube was used, it's been wiped away from the lobes and not sure how long it could stick to lobe and lifter surface...it may have dripped down into the crank assembly and pan area or just hardened up and might not give the lobes too much protection at start up. Come to think of it, you may want to pull a few bearing caps off and check to see what condition the break in grease is in on the crank, rod and cam bearings. If it hardened up it might be useless or may not offer any protection at all, or could clog up the oiling system??? This is a question for the petroleum engineers...what happens to the break in grease applied to bearings over that many years?

I would also seriously consider replacing the valve seals if they are the umbrella type...I think they are old enough that they could crack and start to disengrate. If teflon seals were put in you might be ok??? Not sure of the shelf life of teflon seals, someone else can comment on that. I purchased a set of 4v heads that had been rebuilt and the umbrellas were cracked. Possibly later umbrella seals have longer life due to advances in umbrella material?

Also I would buy an ARP or FRP heavy duty oil pump drive shaft...if the stock one is still in the motor and put with the new high volume pump you could have issues down the road. As some have commented the stock shaft seems to have been made from coat hanger wire.

Good luck!
Hey guys, the engine was never started. After
digesting all the info/suggestions, I need to dismantle
the motor to ensure that I don't have
issues. Comp Cam has an article on engine
startup and how to break in the cam. I pick up the engine
next Sat and will have a better idea
if any moisture damage has occurrd? I will remove the valve covers and
oil pan. Wish me luck!
Doug and I pickup the engine tomorrow morning. We will have a better idea of what condition it is in once I have it in my garage. After all the great input, I plan to take my time and most likely change the main crank seals, remove the heads, new valve guide seals, new water pump/thermostat and remove the cam and put new lube on everything before attempting to start it. The engine builder sent me this link on how to break in the cam: http://www.compcams.com/Base/p...tCamTechBulletin.pdf
Once I pickup the engine I shall post the engine blueprint/spec details. The builder emailed them to me....cool!
Blake, before you start tearing the engine apart when you roll it over to change the pan look for any signs of moisture, if there isn't any there is no reason to start pulling maincaps and the heads apart. If it really hasn't been ran sence it was rebuilt you will be able to tell by the smell. It will smell like fresh oil. Break the cam in to the specs. of Comp. Cams and do what you always do. Drive it like you stole it.
Well, the engine is in my garage, thanks to Doug. It is everything I was hoping for. When we arrived in Canmore we pulled the pan and all looks fantastic. So much so, that I am willing to take the chance of breaking it in without really doing much at all. I basicall lucked out!
The engine is balanced and blueprinted. It came with a balanced flywheel(which I am not sure if I can use). See attached.

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