Looks like a real survivor
Trying to prevent damage to the cylinders - rings - pistons - valves, due to rust, and getting rust from the fuel system into the carb / engine would also be a concern since it has been sitting that long, in a humid climate.
Here is an excellent step by step procedure for starting up an engine that has been sitting for a long time:
http://www.kaiserbill.com/Web-PDF/Start-Up.pdf
