Built Motor? Questions

[Rosco]

Ok, just talked to a guy at my new work place. I guess he has a built motor sitting in his friends garage (sitting there for about 8 years i guess). Here's the thing tho, it's a Police issue 302 block, forged crank, pistons, and rods, 53cc heart shaped chambers (thinking they are closed chambers), not sure exactly what kind of heads they are, and I'm waiting to get some more specs from him. But he told me that him and his friend have about $6k invested in the motor. It has no intake system, but other then that it's a complete motor.

I am wondering if i would be running into any problems with this motor never being run, and sitting there. And i'm also wondering if you guys might be able to give me an idea of what kind of intake system i would be looking at getting for this motor. Oh and the guys who built up the motor at the machine shop, said it should be able to put out more then 500hp... Any thoughts or idea's are greatly appreciated. Thanks alot