My suggestion would be to go to any GM dealer and get a can of "EOS" oil additive and add it to the engine. It's great for first start AND for cam breakin.
Then i'd get an oil primer and drill and yank the dist. and oil prime the engine. Once you get pressure, turn it manually a few time to insure that its fully lubed. The EOS will do an excellent job of lubing the cam and lifters, which are the most prone to suffer damage when new.
After it's primed good, cold time it and put the dist back in and fire it up! Keep the rpm's at 2000 for atleast 20 minutes.
I usually fire new engines outside so if there are any leaks, it doesn't make a mess in the shop, AND should you need to run the hose on the radiator to keep it cool, it won't make a mess either. Important thing is to keep it running for that first 20 minutes or so.