Firstly i hope that hole wasnt done when it was running and it lost all its oil
There are enough engines out there to use one that you have heard running and know the history of but if you really want to use it The first thing i would do is take the plugs out and try to turn it over by hand if it turns with out any strange noises and just the sound of compression its a good sign!
Im not a mechanic by trade so i will leave the rest for them to get their teeth into
as they have years of experience and im sure later today you will have a list as long as your arm to check
