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One thing for sure is that you must install a new waterpump impeller.--------If there is oil injection and it is in use that must be checked out as well.
Engine oil for the gas. If you are not tearing the carbs apart just hook up the fuel hose to the engine and stick the other end into a can of Seafoam. Squeeze the primer bulb until it is firm to fill the carbs. Let the Seafoam soak the carbs for 48 hrs. to soften any hardened fuel varnish. When you fire it for the first time it will smoke alot until the Seafoam burns off.Not sure what TCW3 oil is.