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Squirt ATF in the cylinders rather than regular oil. It seems to get into places oil won't go. Do this a few days before you plan to do anything else. Change the oil and filter. Adjust the valves. Replace the points and set the static timing. Replace the plugs. Fresh gas. With the spark plugs out, turn the engine over a few turns with a breaker bar on the crankshaft pulley nut. Crank the engine with the starter ( ground the plugs if you have electronic ignition) until the oil light goes out. Put the plugs in and see what happens.
Good luck
Greg
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