Any good tips for firing up motor on engine stand?

The things you can do to an engine is amazing...and can't really be hurt. You have a 318...pretty indestructible.

You could run it for a bit without water. ( couple min). But what's that going to show you?
If you want to see it burn your points or if it has head issue, your Guna have to run it for 20 min and need coolant system. Or do comp test as well...

If your doing a quick check...you can do what I do and others to there derby cars. ( I like 318s for derby.

Pos and neg wires from dizzy to battery. Put pos on a switch so you can turn engine off. You don't need alternator.

If your running car for a couple min. Don't do coolant.

Lots of people run 318 in derbies with just a continued loop. loop heater hoses and conect water pump inlet and outlet. They run 30 min no problem NO RAD...( I wouldn't run 30 min with an engine you want to keep without a temp gauge installed.)

You will need man flywheel and manual bell. However remember 318 are internally balanced. You need a 318 ONLY flywheel. Others will wreck main bearings.

Sellers description of burning point doesn't make Sense... Trans got nothing to do with it...and the way I conect points dizzy Streight to battery is harder on the system than in your car with a resistor. I have never had points burn out this way!!!

Good luck