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Kevin,
I cannot offer a professional opinion concerning the engine and whether you need to tear it down or not. Was the wrap tight and do you see any evidence of anything in the exhaust ports?
Regarding the tires, there has been much discussion here about how long a tire is safe irrespective of the amount of tread on it, and ten years is way too long. A tire could blow out at any time due to degradation of the rubber. Being that this project may take a little time to get fully sorted out and completed, I would not run out immediately and buy a new set of tires. However, before the car hits the road you should invest in a new set of tires.
Good luck.
Jim
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