Actually, I just went through this....or actually am still going through it (although with a V8 car). The car had been inside for about 10 years, then outside for about 2. This was in Colorado where it is quite dry.
Here's what I did, and it worked quite well!
Drained the tranny (auto) for a couple of days, replaced the lines and pan gasket, an re-fillexd with new fluid. ~ $30
New gas tank, sending unit, hoses, filter, pump. (This was cheaper than having the old one cleaned up) I probably didn't even need to replace the fuel pump, but they gave me a Mustang fuel sending unit which isn't quite like the Falcon unit and I thought I had a fuel pump problem, not a sending unit problem, so I replaced it. ~$150
Rebuilt the carb (2BBL) ~$30
Cleaned the metal fuel line from the rear of the car to the front. ~$5
Replaced the spark plugs (probably didn't even really need to do this) ~$15
New battery ~$60
Oil and filter change ~$20
The cap an rotor looked good, so I left them alone.
I considered the Marvel Oil route, but here's what I ended up doing instead.
Removed the spark plugs and turned the engine over by hand using the harmonic balancer. I did this many times over a couple of days.
Then I turned it over for short bursts using the starter a couple of times with the plugs out.
Then I replaced the plugs and disconnected the distributor and turned it over using the starter. This was cool, because the oil light went out after about 5-10 seconds, so I knew I had some oil pressure.
Once I double checked everything and reconnected the distributor, I gave it a try and it kicked right away. It wouldn't start though, so I put a little gas in the carb and it would run for about 5 seconds, but wouldn't keep running. This is where I found the sending unit was incorrect, but not until after buying a new fuel pump. I got the car to run, but could not get the carb adjusted correctly. It turned out the carb had an internal air leak and so I ended up getting another one off eBay, rebuilding it, and the car now runs like a kitten! I hope to get it emissioned next week.
I hope this helps and good luck with your project!