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Do everything you would for a major tune-up. Adjust the valves, new points, set the timing, new plugs, new oil and filter, and new gas. Make sure that the engine turns over, by hand, easy with the transaxel in neutral and the plugs removed.
Turn it over with the starter and the coil wire removed to get the oil moving through the engine. The oil pressure light should go off. Then attach the coil wire and fire it up. If it runs like a cylinder or two not firing well. It could mean that the valves are sticking with oil that has been sitting on them for the last tens years. You may have to remove the heads and clean them up.
By the looks of the fan belt, someone may have all ready tried to start it.
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