So the engine has never ran since you got it? Maybe the PO shut it down as soon as he saw the trouble- or ran it until it quit. This a a gamble but worth it I think. Oil drained? Good. Add old waste oil, remove distributor, use a priming tool to turn the oil pump with a 1/2" drill. [old cut down distributor makes the best tool but a big-azz screwdriver shaft chucked in a drill works too] See what kind of oil pressure you have. That will also flush the bad stuff out of the oil galleries, lifters, and bearings. Drain that and refill with more old oil. As for the combustion chambers when I was doing that 400 everyone here had suggestions for the best solvent. I decided on ATF/#2 oil cut with acetone. The acetone gets the mix into all the crevices, leaves the ATF/#2 behind, and that is the best solvent going. #2 heating oil [diesel] works really great by itself too. I soak entire heads in the #2 oil for a couple of weeks and they come out spotless.
By the way, that was the second stuck 400 I saved. I had a 1977 Trans Am that was totaled and I got it for parts. I realized the front end took all the damage and decided to fix it all. While I had the engine out, on a dolly, wrapped all up in plastic, a hurricane hit and blew water up under the plastic and filled the engine right up to the top of the intake manifold. I did not know this until I went to put the engine back in the sub-frame and heard sloshing. It had sat for months like that. STUCK!!! I did the same procedure- filled with waste oil, WD-40 in plug holes, and every day after work I tried to turn the crank with a breaker bar. It took weeks, but it came un-stuck. That 400 ran great for many many years.
Here is the old thread about the 400. Wow, look at all the missing persons.
https://gbodyforum.com/threads/doing-the-unstuck.69747/