I'd start by pulling the valve covers, and going thru the valve train, looking at valve installed height, confirming retainer depth, inspect the rockers/shafts/spacers,check the pushrods, set the adjusters/lash, check the lifters, compression test, basically confirm the health of the valvetrain, it'll cost you some time and a set of valve cover gaskets, assuming you have all the tools...then proceed to the carb/ignition

Also maybe consider re-torquing the head bolts prior to a compression tests