Thanks for that wealth of advice and information techinspector1 !!!
All of your advice has been taken on board and I will follow your advice.
I am an automotive engineer my self and yes I do use lambda sensor based air/fuel ratio display units when checking on-road mixture of special tuned cars.
ignition timing is something I will have to play with once I get the car drivable.
The best fuel I can buy at a pump, here in Sri Lanka is 95 RON octane rating which is the same as 91 (R+M)/2 octane rating which is used in USA.
The car is not going to be a hot rod. It is going to be a fully fitted car with all bumpers etc intact and a power steering rack (way better than the box) and even air conditioning.