Just Got A 74 Mach1

Congratulations! Change the oil and check coolant level before you try to start. I usually pull the spark plugs too and check their condition, replacing wires, cap & rotor, etc. if really bad. That part's not mandatory I guess.

What I've almost always found on my new-old-cars that have been sitting is that a fuel pump that's been left to dry out is usually shot, so not bad to plan on replacing. Just to get it to start, you can bypass the fuel pump and just fill the carb float bowl, even if the fuel pump is bad.

If you have the skills, I'd pull the top off of the carb and see if there's a lot of varnish or junk in there. The carb almost always needs a rebuild in my experience - definitely check that the accelerator pump diaphragm isn't completely broken and leaking. That'll leak gas onto the intake manifold. That's a good time to put some gas into the float bowl and check that (when you press the gas pedal / activate the linkage) fuel comes spurting out of the accelerator pump orifices into the venturi. If it isn't, you can drizzle a bit of fuel into the carb and see if you can at least get it to fire. Make sure the choke is working - it probably isn't so you can adjust it to where the blades are open maybe half-way, for testing purposes.

If all that works, give it a go. Rebuilding the carb isn't hard, and fuel pumps aren't very expensive. My advice above isn't complete, just enough to let you give it a go without potentially causing any extra damage. Then the real fun starts with determining what else is wrong. I mean that seriously, I love the hobby and resurrecting one of these old classics.

The 2.8's an awesome little engine, I've kept mine.