You should expect to have to replace at least the cam and lifters, and possibly cylinders. Have the carb overhauled before you fly the plane. It would be wise to clean out the oil screen before you run the engine at all, to check for debris. Thereafter, until the engine is rebuilt, the screen should be checked very regularly, in case the engine does start making metal - you don't want to ruin your rear case by scoring the oil pump.
If the engine is a "key start" version, equipped with the original starter clutch, the clutch should be overhauled before the engine is run. The sprage clutch inside there can be seriously gummed up, and may slip with a start attempt. This slipping, if continued more than one start attempt, can result in failure, and sending broken bits of hardened steel through your engine. Hand propping the engine will not reduce this risk, the clutch turns anyway while the engine is running. Do not run the engine with the clutch removed, the needle bearings which support it will fall apart inside the engine. The pull clutch is entirely different, and not a risk in this regard.