Well, I finally had the truck delivered on Sunday.
The engine still has oil in it. How much water is mixed in with it, I don't know. I am going to hopefully drain the oil within a week or so and find out. I did, however, pull the valve cover. Here are some pictures of it. Considering it has been sitting for 30+ years, I think that it looks pretty good. Then again, I have been wrong a million times before
Picture 1 Picture 2 Picture 3