Have a fire extinguisher ready as well as a second set of eyes. If new cam and lifters be prepared to run it in at speed as Joe mentioned in Jpets General Willys thread.  http://www.thecj2apage.com/forums/29110-the-genl-willys-project_topic12524_page1...
fourth post from the bottom.

It helps if you are in a garage to have a fan blowing the smoke away and keeping the radiator cooled, as when you have a new engine it burns off a bit of oil and paint initially.

Be sure to use an oil rated for our non roller tappet engines.  Wouldn't hurt to pressure test the cooling system if you can find a pressure tester that fits the radiator. 

If you are using a temporary gas tank be sure it is solidly mounted in a a safe location and any hoses are also well secured away from moving or hot parts. If you are using the stock tank, it may not hurt to flush out the fuel line a bit before connecting up the fuel pump.

Good luck with the initial start!!

Hook up the oil pressure gauge too. That will tell how your engine is! Kinda like a heart monitor...

Randy I first started my rebuilt engine back in May. I have been trying to run it for an hour a week while I do the body work on the tub with the goal of changing the oil at about 20 hours. I have been running it on water with no thermostat as well. My only concern so far has been that the water temperature has not gone above 140 degrees. I did swap the water for antifreeze a few weeks ago but with no resulting change in running temperature.
Along with a new radiator and water pump maybe it's just efficient.
Hope you will be turning the key soon, I am glued to this thread.....

For now I will go without the thermostat as the housing is installed and it's full of water...there was a tiny drip around the  temperature gland nut as I didn't want to over tighten it, but a half turn or so solved that....

Might be ready tomorrow..I thought I'd be driving it by noon but I found about a hundred things that needed to be done first!