1: pull the plugs and spray in some good penetrating oil, like pb blaster and let it sit overnight. then spray in more, and let it sit while you move on to other tasks.
2: change the oil and filter
3: check the ignition system over carefully and replace the plugs, points condenser plug wires, cap and rotor. though dont install the new plugs just yet
4: replace the fuel filter, and rebuild the carb
5: flush the cooling system and replace the coolant
6: remove the distributor, and spin the oil pump shaft until you oil pressure on the gauge. then reinstall the dist.
7: turn the engine over by hand to unsure that it turns freely, one full revolution will do nicely.
8: reinstall the plugs, and make sure the plug wires are in the correct order.
9: install a fresh battery, disconnect the coil and crank the engine over until you again show oil pressure on the gauge.
10: prime the carb, reconnect the coil, and start the engine. when it starts run the engine at about 1500rpm for about 10 min, then let it idle and make any adjustments.
one thing, have someone check the engine over as it runs for leaks for the first few minutes. repair as needed. also keep an eye on the temp gauge and oil pressure gauge during the first 10 minutes. as long as things stay normal you are good to go. after you have made any adjustments needed, timing, idle mixture and speed, change the oil and filter. change the oil and filter again at 500miles, as well as the fuel filter, then observe regular oil change intervals. i would change the fuel filter each time you change the oil for the first 3-4 oil changes, and as needed. at that point you should have eliminated about 95% of the junk in the tank.