by your description of the problem your are having, sounds like you blew a headgasket and/or cracked head, maybe thats why the car sat for 7 years. just pull the original head and get it checked out, just keep it nice and simple, unless you're looking to make some power...
I have and early drivers seat, with the rails, I sold the other pair I had yesterday Sunday at the swap meet in Eagle Rock, I'll let you have it for $20 if you want it, let me know, thanx