The thing about the Summit stand I don't like is how high up the engine is once mounted, why do you need it this high? I made my own for Pontiac V8's, it's low enough I feel safe around around it and can transport engines to the customers with out fear of it flipping off. Mine is made so the oil pan will come off, thats as high as I need it. I shopped around for cheap priced, quality gauges and already had a radiator. Cooling is the biggest concern on break-in stands, airflow around the engine does a lot keep them cool while driving, setting on a stand, the heat doesn't get blown away. I have four heavy duty fans mounted on a large shroud that mounts to the radiator, but I still have a garden hose on standby incase they start to get hot. Installing the mechanical fan works good, but is somewhat dangerous with out a shroud around it to protect you.
You will need to roll the engine outside to start and run it, be sure the wheels can handle your pavement. You also need exhaust with the quietest muffler you can find, you want to hear the engine, not the exhaust noisy.
The engine will set steady while running, there's no torque on it, the stand just needs to hold it level, the weight will hold it down. 4x4's and a set of caster wheels would work in a pinch, a water hose plumbed into the water pump with valve to control the flow rate. I broke in my 250 with water hose cooling, I just adjusted the flow according to how hot the water was coming out of the thermostat.
Mine stand has a mechanical oil pressure gauge, mechanical water temp gauge, a vacuum gauge, and tachometer. Electric fuel pump with a gauge, alternator hook up, and plugs for HEi or points ignition. Oil pressure and cooling is a must, along with a tachometer. You also need a dwell meter and timing light close by. I use a five gallon fuel container I drop a hose into. With mechanical fuel pumps, I still hook up the electric to prime the system, the mechanical pumps will pull fuel through the electric so I just shut it off once primed. The mechanical gauges work best since they read without power. My eclectic senders kept going bad, so went mechanical. I also use 2 5/8" gauges for easy reading. You want to see all the gauges from one location, you don't want to be jumping around to see them. Mine gauge panel is on a swing arm, so I can stand on the side or in front and still see them.
If I'm unsure of the ignition or carburetor, I install my own working parts so it will start right up. If they crank more than about two turns before starting, I stop and figure out why it hasn't started. Most of them start on the first few cylinders that get compression. Oil pressure is always primed before starting using a drill motor. Never use the starter to prime the oil, all the assembly lube will be wiped off before it ever starts.
I made up some battery cables, 0000 cable with well crimped ends hooked to the biggest battery I could get. I want it to crank as fast as possible and to start when I hit the button.
And on a side note, when assembling the engine, use a liquid assembly lube if you are starting the engine in a day or so, use grease type lube if it's going to set before starting. Always use a camshaft grease even if it's a used cam. This is the stuff I use on all flat tappet engines,
https://www.cam-shield.com/product/camshaft-moly-paste-lube-pack/. Once I set the valve lash, I put the engine on TDC and won't turn it any more. I then use a brush and add more grease to the cam where I can get to it before finishing up the assembly. The next time it's turned will be when it starts.
I have a 400 on the stand right now,I was getting it ready to start and was priming the oil system when I notice one of the lifters wasn't pushing oil up the push rod. Had I not been pre-oiling and watching close, it would have started and likely wiped out the cam lobe in no time. This is a aftermarket roller cam conversion, the roller wasn't getting oil and the rocker wasn't getting oil. The project is on hold waiting for a replacement lifter set.
THE MOST IMPORTANT THINK I CAN TELL YOU IS, NEVER WALK AWAY FROM A RUNNING ENGINE! I loaned my first stand to guy to use, he started the engine, set the rpm, then went in the house to drink coffee for 20 minutes. When he came out the engine was stopped. He failed to get the air out of the cooling system like I showed him, the engine overheated and melted the bearings. There were balls of aluminum in the oil pan. Had he been standing there he would have seen the gauge and done something about it. It needed a total rebuild, hope the coffee was worth it!
Joe