An oil change would probably be the most beneficial thing to do. I would also flush the braking system unless the previous owner has done so. Inspect all the brake hoses and lines, and the condition of the wheel cylinders and master cylinder.

On to the motor: Check the coolant and condition of the radiator and radiator hoses. You probably want to do a system flush just for good measure, unless the previous owner recently did so. Also plan on changing fuel and air filters, the spark plugs, points and condensor. Once fired I'd let the engine run 5 minutes then drive it, if possible. After it runs warm listen closely for lifter noise - could be a bad lifter or cam.

I'm sure others will add more but these should get you off to a good start at minimum cost.

-ftyler