Also that engine has sat a long time, its mechanical fuel pump and how is the fuel pressure? Your seals and gaskets will no be that great. also the oil prolly not so good, the oil sump has a screen and if you get it running I would change the oil couple times. If you get sludge and crap on the sump screen it will restrict the oil flow. Now you have bent pushrods, if it were me and which I have a cherry picker and engine stand, I would just remove the engine, but then that's me. Lots of working room in those old fords.
I don't know how your equipped with tools.
If the exhaust was plugged it would run for awhile then quit.
Even if you have it running on all 8 cylinders the valve issue would have me very concerned. Specially if that is a interference engine.(sounds like it is)
The heads and intake are heavy, I was setting a head down and my foot hit a bump in the concrete I slipped alittle and caught my thumb. So I put a bandage on and finished up what I was doing and cleaned up for the night. Then I went to the hospital and they cleaned, stuffed the meat and stuff back in my thumb and sewed it up couple stiches.