After sitting a number of years the oil is going to accumulate condensation though the cast. I would first start easy, make sure you radiator is clean, the fins etc, make sure the belt on the fan is tight enough. After that i would pull the thermostat housing and replace the thermostat its self. After that pull the side cover behind the carburetor and clean out the water jacket. If you have a blown head gasket you can see air bubbles is the radiator while is running. This is really not much money to spend just some time and effort. Always with the easy and go to the harder/more expensive.
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