What you need to do: Plugs, gear oil, filters, grease zerks, grease prop shaft, lube linkage.
The timing usually doesn't need adjusting unless the linkage has been moved or the triggers been replaced.
Do a compression test.
Since it's new to you I'd do a de-carb.
Maybe check the fuel in the tank? Ethanol is a pain in anything that's been setting.
If it starts and runs? I'd mix 1/2 gal. gas and a fuel additive from Chevron(about 12oz.). Called Techron by Chevron.
Add a few ounces of TCW-3 oil and run it through the fuel system.
It really helps clean out the system.
Check the hoses for soft, mushy or delamination. Get ethanol use hoses.
Install a filter(G-2, G-3, G-12) between the pump and the carbs.
I have a water separating filter at the tank. (just changed it and found some rust(from ethanol)and some water.