[Corts60]

Here is how I go about getting an old engine started that has been sitting as it costs almost nothing, I agree with awbrown above that you shouldn't spend a whole lot until you know it runs:

1. Disconnect the fuel line that goes to the inlet of the fuel pump and run your own fuel supply line from a gas can on the ground with fresh gas. That eliminates the bad fuel question.
2. Pop the distributer cap and set the points as mentioned above. Sand paper works great to get a clean contact. You definitely will need a feeler gauge to set them from the get go. Usually somewhere around .018 or so.
3. Pull all the spark plugs to see what you are working with. At the same time, turn over the engine a good 30 seconds with the plugs out. This does two things: clears the combustion chamber of any debris or crap and it also lets the engine build oil pressure.
4.Install the plugs and test the coil for spark- screw driver in the boot or whatever your favorite method is.
5. Once you have determined that you have fuel and spark, you are almost ready to go but you need to be prepared to pull the carb apart and clean it out because usually after so many years there is so much gunk in there that the needle and seat will not operate properly and the carb will flood itself. The best thing is to have a known working carb laying around and just swap them out. Also, if there is a filter in the fuel supply line somewhere, change it out as well or just pull it alltogether at fist.
6. At this point I try to fire it up. Once it is running I set the points with a dwell meter, usually 28-32. I let it get up to operating temp and once I am satisifed that it runs and is worth spending money on, I do a full tune up including changing all the fluids.
7. After that you can decide on your own whether you want to try to hook up the installed gas tank or pull it and clean it to be sure.

Hope this helps.

-Cort