Technical Tips for the first start up?

I'm with the make sure it's in neutral group..

 

I usally just pressurize the fuel tank by blowing in the fill cap 30 seconds of pressure will fill the float bowls. I do a quick timing check if the light is already hooked up it takes little time run the engine around 2000 rpm but not steady blip the throttle every minute or so helps to seat the rings. Watch the exhaust if you start to see a glow shut it down and figure out why check timing or for a vacuum leak.

 

^^^^ This is why you'll need a helper as some have suggested. If things quickly go south after startup (fuel leak, engine knock, etc) that 8 second run to shut off the ignition will really get your blood pressure up quick. A minor leak can be addressed by tech #2 while the engine remains running and you stay at the carb for dial in.

I prefer to have 3 people.

Tech #1) In the cab to take ignition on/off commands and monitor gauges once things are live. Will call out oil pressure level, eventually water temp.

Tech #2) Top of the engine tech. Hand on the carb linkage at startup and a screwdriver to set idle, etc. Once idle is set, grabs timing light and sets timing. Small LED flashlight in back pocket.

Tech #3) Big *** LED flashlight, will check first for fuel, then oil, coolant leaks top, sides, bottom of engine, during/after startup. Listening to bottom end and for possible exhaust leaks. Then if #2 is still busy with carb settings and adjustments, #3 will step in and set timing.

Tray of basic hand tools close at hand for #3 to immediately wrench down any hose leaks, etc. so engine doesn't have to be shut down for minor issues.
Fire extinguisher on hand. If there's a 4th person, they're the Fireman and tool gopher for tech #2 & #3.

 

*UPDATE*
Fired it up yesterday, went well! Alot of good info posted here that really helped. I filled the carb with fuel which helped it start quickly, used the VR1 oil that the engine seemed to like, and had a helper watch gauges while I looked everything over. Everyhing looks good so far, still gotta dial it in but should be on the road again soon! Thanks again guys!