DJ
I would have to agree with westratedel. If your oil pressure is good and the engine sounds ok, drive it for awhile easy and just get the feel of it. Most of those old ones do have sludge in them, so eventually you probably have to open it up and clean it up. But for now just take it easy and get the feel of it. You will have a better idea what needs to be done after it has been run some.
Jim