Are you sure that engine has ever been ran? I see practically no signs of usage on that cam. However my concern would be why the crankshaft holes are plugged solid with rust. along with the rust in the head. What ever the case you need to get it checked for cracks, you need to make sure all the oil passages are cleaned of rust, take out every plug and clean the passages, you can get all the way through all of them with appropriately sized brushes.

Last edited by brokenhead; 04/09/2013 7:11 AM.