Get a can of KROIL (
www.kanolabs.com) and squirt a liberal amount on the valve stems through the springs. Let the engine sit a few days and oil it down again. After 2-3 applications, use a small hammer and tap the tops of the rocker arms above the valves to get the valves moving, then start working the rockers up and down with a short pry bar to help free up the valves in the guides. While you're at it, put an ounce or two of KROIL into each cylinder through the spark plug holes.
Pull the flywheel cover behind the oil pan and use a short pry bat on the ring gear teeth to rock the engine back and forth a little at a time until you can make a full turn in both directions before you try to spin the engine with the starter.
If the valve was seized enough to bend a pushrod, there's a good possibility you'll end up pulling the head and getting a valve job done, but go ahead and try to do the quick fix and free it up. It works about half the time.
Jerry
Edit: If it's a 49 model with a 261 the engine must have been changed. The original engine would have been a splash-oiler 235.
Jerry
