I would do the following.

1. Change the oil & Filter & when you change the oil change the filter plate to a 340/360/5.9l plate that has 6 or 8 holes. The biggest problem with 318's is oil starvation to the mains. You can change the plate out later but do it before you put lots of miles on it.

2. Clean around the plugs. Remove the plugs and while squirting oil in the cylinder hit it with an air hose. The air blown in the cylinder atomizes the oil and coats everything better than just squirting it in. The air can cause debris to get blown into the cylinder (hence the reason to clean around the plugs) so get a blow gun with a long tube on it to better control the air.

3. Preoil the motor with a drill and hex rod. I prefer to build oil pressure and then turn the engine over with a wrench/starter while you still have the drill running. Doing it this way, you will have to check the valve opening to be sure to reinstall the distributor correctly and not 180 off. Oil pressure by itself only gets to the bearings and not to the upper motor unless the engine is turning. Also it makes sure the whole bearing has a coating before it starts and not just the spot near the oil hole on the crank/block.

4. A good thing to do when possible or when the weather warms up is replace the freeze plugs. Chances are they will be leaking anyway. When you replace them pop them out and flush the motor with a water hose full blast. It's scary how much crap comes out.

5. Address other issues after it runs. you have

It will probably need valve seals and a carb rebuild. Valve seals will cause it to smoke while idling and belch smoke on throttle opening. This isn't a game killer. You can get an on-the-head valve spring compressor and change them with the heads on. They are rubber and harden then fall apart over time. Not expensive but a fun experience.

A handy tool to have is a electric fuel pump and 5gallon gas can. you can start it off that instead of the 30 year old gas and sludge in the tank.

All that being said If I had a dime for every car I just tossed gas in the carb and started it, I would be able to buy a fresh tank of gas.