I agree with Orma, strip the motor.

I purchased an engine that had been sitting for 4.5 years plus. When started 
it, the rust on the crank went through the bearings and seals, destroying the 
crank, rods, damaging the pistons and barrels.
  ----- Original Message ----- 
  From: Orma 


  engine has not ran since 1982.

  Hello Net

  With an engine that has not run in the past 23 years, I would look a lot 
  deeper then the items mentioned in the post.  If the engine was pickled, it 
  would probably be ok.  If not, then the walls of the steel cylinders might 
  have enough rust to cause it to fail at some point after the engine is back 
  in service.   I have opened several old VW engines and have always found 
  that the crank is free of rust if the engine has had oil.  On the other 
  hand, the cylinders always had rust and the lifters were in bad shape also. 
  The hot and cold cycles of winter and summer build up moisture as a normal 
  cycle.  Lycoming had engine failures due to this hot cold cycle allowing 
  moisture to collect on the crank shaft and cause microscopic pitting 
  corrosion deep enough into the crank to allow failure.  The cost of opening 
  that 23 year old case is less then $100.  That seems like cheep insurance 
  from my view point.  As a professional AP/IA I would hesitate to put my name 
  on an engine that sat that long without someone looking inside.

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