"For an engine that has sat th
"For an engine that has sat that long without running, I would be concerned about no oil film on moving parts, particularly bearings and cam/lifters.
The best move would be to pull the distributor and use an electric drill to run the oil pump to get fresh oil to all the bearings. Since I have no personal 470 experience I am not sure of just how this is done with this engine. Its a pretty easy job on the GM V-6's and V-8's.
Failing this, I would pull the plugs and disconnect the coil, then crank the engine on the starter until you get oil pressure on the gauge. This may take 20-30 seconds. You should be able to get 10-15 psig pressure. This will assure you have fresh oil to most metal to metal surfaces before startup.
Hopefully the oil was changed before it was laid up in 2003? If the oil is old and dirty there is a good chance that the weak acids in the oil may have etched the soft babbit surfaces of your main and rod bearings. You would have no way to know this without a teardown, so just hope for the best.
If it is balky at starting, you can pour a small amount of gas down the carb throats just before hitting the key. We are talking a thimble full or two; not more than that.
Though done all the time, this is kind of risky business, not for the faint of heart. Do it outside, and don't be standing over the carb looking into it while trying to start it. It may backfire and things will get warm quickly.
Have someone standing by with a fire extinguisher, and send the curious neighbor with the lit cigarette home.
Rod"