Finally ran out of excuses for not finding out if this engine will run. Previously, I had spun the engine without trying to start it. That had revealed a bad water pump and several oil leaks; issues then fixed. I tried to buy a carburetor rebuild kit, but the supplier is out of them. So I assembled the best looking used carburetor parts in the parts pile and installed the carburetors and the rest of the linkage today. Thanks to everyone for your advice with this.
I then debated whether to try firing up the engine - rebuilt about 40 years ago by unknown person(s) - or just to treat the car as a display piece.
Before trying to start it, I found three fire extinguishers and two large fire proof welding blankets. Then, turned off the radio, so that the music would not interfere with any bad noises that might emanate from the car. Then remembered that I had not checked the timing; checked that by removing the valve cover and observing the stages of valves opening and closing. Turns out that with the engine at TDC and #1 cylinder ready to fire, the rotor was out one full cylinder in the distributor. Of course it would not run like that. So, rather than figure out what is wrong on the way up from down below to the distributor, I moved the spark plug wires one position in the distributor cap. Still need to find out what is wrong there - is this like a small block Chevy where one can just turn the splined shaft below the distributor to the proper position? If so, that should be an easy fix.
With the wires at the distributor relocated out of position, we attempted to start the car. I have to admit that I know nothing about setting up these early SU carbs, beyond setting the throttle, idle, and choke positions and having the correct level of oil in the dampers. To our amazement, it fired up. It started with the choke off and without pushing on the accelerator pedal; maybe the carbs are set rich.
I won't say that it ran perfectly, but it ran. I timed it only by sound (what is the correct setting?), and the carburetors need tuning. But it built good oil pressure - about 70 psi cold and between 50 and 60 when warmed up well. And the temp gauge slowly climbed to about 190 and then dropped back to near 160 after the thermostat opened. No leaks - oil, coolant, or gas. After about twenty five minutes at about 2000 rpm, in case there is a new cam in there, we shut it down.
Now for tuning . . . all suggestions appreciated. I did make a video of it running - not sure how to post that.