Tim,
Af far as preserving the motor, pulling the plugs and putting 10w oil in the cylinders (then replace plugs and turn engine if only by hand) would help. I just went thru some both bad and good news with my 235 (s) during restoration. My original 235 had a small crack in the block (did not leak) that was discovered after the motor had been cleaned up.
About a week before the motor was pulled from the truck, a friend had putchased a '57 3100 with a '55 235 in it. As he was going to street rod his truck, he gave me the '55 motor.
With a cracked block in the original motor, I took the '55 in for a complete rebuild. (My friend did not know the history on the motor, so wanted it right before it goes in the truck. Got a call from the mechanic the other day. He has the motor pulled down, and says it is in GREAT shape, with what looks like a very recent rebuild with VERY FEW miles on it!! Looks like I'll be able to save quite a few $$ on this rebuild!
I mention all the above just to say "check out the motor real well if possible BEFORE storing it"! It would be a shame to come back to find you couldn't use it after all. Also, be sure that all water is drained from the motor to prevent freezing. Lots of luck with your project.
Am I asking for trouble? Would it be pointless to go to all of this extra work or would it be beneficial to the engine? I don't know for sure how long the engine sat and I don't know how much longer it will continue to sit.