Hello everyone, Pretty good discussion going on here and I think all ideas are valid... but maybe not all nescessary. I would take the plugs out, turn it over by hand just once or twice to make sure it is free. Do or take all previously stated attempts to prelube as much as possible. Make sure it is as ready to fire as you can make it, that includes gas getting to the cylinders.
Have a stong battery, and fire it up. Go right to about 1500 to 1800 rpms and hold it there till it gets some warmth in it or it breaks. Which ever comes first. This is assuming that you see immediate oil pressure at the gauge. It might not be full pressure but it should build quickly. Those pumps put out so much pressure that that oil has to go somewhere. Oh, of course make sure you have clean oil in the pan, and a new filter.
Ya know that engine is either going to run beautiful or your going to have to take it apart. Or it might run somewhere in between, in which case you may still get many miles and years of enjoyment out of it before you have to take it apart. It's either this or just open it up all over now, pan off, side covers off,(boy I do like the idea of pulling all the lifters and smearing them with cam assembly lube), head off, valves pulled and relapped,etc, (when you do some of your prelubeing, pour some down the valve stems) and start redoing things. I've put some old engines in some jalopies for some people over the years and it is remarkable how well they ran.
But of course this is just my opinion, and the level of risk and satisfaction is an individual call.