trying to fire up 235 (little long)

[vintage_car]

Guys, I have a 235 engine in my 1950 chevy and have no clue how long it has been sitting...this is what I have done so far, removed flywheel cover and moved flywheel manually. It rotates good. I pulled the distributor and made a tool to go into the slot on the oil pump and spun it with my drill. After some spinning some clear liquid (my guess- water) came out of the top of lifter 4 and 5, then oil came out. oil eventually came out of 3, 4, 5, 6 lifters then oil began to spill out of the oil filter canister. I stopped spinning the oil pump when that happened. new condensor, points and rotor button installed on the distributor. I set the point gap to .022. New 12V external resistor (no resistor hooked up), 12V battery, 6V starter from an old 216. Marked the flywheel bb and lined it up with the pointer on the sight hole. Installed the distributor cap and put the plug wires in the 153624 order. Checked spark off the coil, and it was good and strong. spark to the wires was good too. I do not have the radiator hooked up, so no coolant, and the fuel lines are not installed either.
My questions...
I just want to hear it sputter to let me know this thing does have life in it before going any further. The water that came out...should I be concerned about it for initial fire up. I will not be running this engine long at all, no more than a minute. Do I need coolant? Should I be concerned about the oil spilling out of the oil filter canister and no oil coming out of some of the lifters? what else am I missing. I don't want to do more harm than good on this engine, so I'm open to your questions/suggestions.