'73 914 2.0....what to do first?, New to a project like this...where to start? Options

[AKFish]

HI there, my name is Dominic and I have an avid reader of this forum for nearly a year, now its time to get rolling on my project...

About this time last year, I purchased a 1973 914 2.0. The previous owners bought it as part of a bundle of 914's and only kept a couple.
I have some documentation from when the car was first purchased, but the more recent owners have proven elusive. It was owned by a member here named "kurbfrog" but he/she has not responded to my contact attempts, so recent history is a bit murky. Sounds like the guy I really want to talk to, headed south of the border in a bit of a hurry.
I acquired the car in a partially disassembled state. The engine, a 2.0 with it's original FI still attached, is out and pretty much everything is removed from the engine bay and the interior. Many of the removed parts are carefully bagged up and some even have labels. On the whole, the car is in pretty solid condition, however, there are some of the typical rust issues.....
The engine shelf has been cut for A/C and there is rust in the hell hole and I can see rust developing in the outer long (I think that's what it is called). My reading here would suggest that there is a lot more than meets the eye.
What I would really like to do is find out if the engine runs...and if so, just put the car back together and drive it for a while. I could decide after that, if a "rustoration" is right for me...I have zero background in fabrication/welding.

Question: What are the MUST DO items to perform on the engine while it is out, to give me the best odds of getting the car going again?

P.S. My car came with this 1975 Roller that is pretty well gutted.

[AKFish]

Well, its been a little over two years since I updated this project….a few things have happened.
In October of 2020 we delivered the car to Cary at Middle Motors and in February 2021 he brought it back to Nampa (where we live). New drivers side floor pan, drivers side jack post and long repair, complete hell hole and passenger side long rustoration, as well as holes in trunk repaired and new frunk to complete the AC uninstall.
Then I pressed pause for a year…

Now…Along with finishing the engine bay, my next step is to determine what to do with the engine.

I performed a compression test today and found the following results.

#1 Cylinder 110 psi

#2 Cylinder 90 psi

#3 Cylinder 100 psi

#4 Cylinder 110 psi

The engine was pretty cold during this test. 17F. Not sure if that plays a role or not. Also, engine has not run for at least 5 years, but probably longer.

Number 2 seems pretty low, so I did a basic leak down check on that cylinder. I checked the valve adjustment and at TDC and pressurized the cylinder to 100 psi.
I cannot hear any air escaping from the intake or the exhaust. Maybe, possibly a slight audible hissing from the oil filler neck. Otherwise, it sure seemed to hold pretty well. The engine was supposedly removed from the car to repair oil leaks and it seems that there were a few.

I am going to replace at a minimum, the following:

1. Oil cooler seals.

2. Front crank seal

3. Rear crank seal

And anything else that appears to be leaking once its exposed…

Any other advice on what to address “while I’m in there” would be deeply appreciated.

I’ve read dozens and dozens of posts and watch all of Ian Karr’s videos multiple times, just don't want to miss anything. Thanks all!