Finally, YEAAA, one problem solved. Well, it seems the engine is turning free and turning easy. Yes, you will need to change the oil. When you take the plug out of the pan be sure you don't have your face close to where it will come gushing out. If there is much stuff drained by the rings then it went into the oil pan. You mentioned that stuff came gushing out of the cylinders...... then the rings must be pretty tight as it did not all drain by the rings and into the pan. This is a good sign!!
I do not know about the points and before I started messing with things I would just clean and LIGHTLY sand the points to "clean them up". I know what your brother is talking about when he says get the #1 piston to the TBC.."top dead center" on the compression stroke to make sure its timed right.
My honest opinion is I don't think anyone "satotaged it" before it quit running or was parked so before you start messing with "everything" why not just try to get it running. If it won't start or shows certain problems while starting then further action may be needed. With your limited experience right now take it slowly and try to make sure you need something before you jump into it. With the engine now turning it also opens up many things as to wether or not the tranny is locked up. Following the tranny situation I can't help but believe it might just be ok after all but needs someone that can tell if its truly stuck in two gears or if you just don't have the arms in the correct position yet. with the clutch pedal OUT/UP does the wheels turn when you turn the engine? Lots of things are now possible. I know more will chip in with the do's and don't do's but for now get a cold drink of Pepsi and pat your self on the back....YOU did it. The engine turns!
