Bran3b,
It's anyone's guess depending on how it was stored, etc.
Personally, I'd pull the
oil pan and valve covers and look for rust. If you see rust -- rebuild it. If no rust, put some engine break free in each cylinder spark plug hole and turn the engine over by hand. If it turns easily by hand, put it on an engine stand designed for running in an engine, pull the distributor, put fresh
oil in the engine, and turn the
oil pump with an electric drill until you see oil on your lifters/rockers. Re-install the valve covers and then start the engine and see if it leaks or blows a lot of blue smoke. If it doesn't blow a lot of blue smoke after running it a few minutes, its probably good to go. If it continues to blow blue smoke - rebuild it. If it blows blue smoke just when you initially start the engine each time after this run in period, you'll probably need to replace the valve seals.