I'm assuming you're planning on fixing the filter?
I've read a lot of owners cleaning out the gunk and verifying all other systems working (electrical, fuel, etc) and firing it up. They remark on how smooth it runs after lying dormant.
Once you've got it running, you will be able to go through and check settings. If it runs, and you end up getting good readings on compression pressure, you may not need to worry about tearing into it too much. Unless you've got time, then you could reset with a rebuild.
I've not had much experience with tar in the oil pan, but after flushing some good oil through, it may be a good idea to consider ensuring ZDDP in the oil you're going to run on.