The fuel tank would be concern number one. If it is badly rusted you may find it difficult, as well as expensive, to locate a good replacement. There are other options regarding fuel tanks with rust problems, you may want to start inquiring to get a better idea of what is available. Expect the worst, be ecstatic by the least!

Oil in the cylinders, oil squirted directly on the valve stems and then turning the engine over by hand numerous times will bode well during the initial startup. A 50/50 mix of oil and automatic transmission fluid would be good (IMO). You might want to reset the point gap just because. Once the engine is running let it idle for several minutes before getting over zealous with the throttle.

Let us know how it does