[Lynn Eades]

As Hanno has mentioned his Ford, I think the time is right to bring up this aspect. I would suggest the first thing that could be a problem in an older type engine is that an exhaust valve MIGHT stick, due to rust forming on the dry stem. Not uncommon in flathead Fords and Jeeps.
If things like oil pumps are "in tolerance" then enough oil will usually hang up in there to form a good "seal". the effect being that oil pressure will come up immediately.
More damage (wear) will come from how that engine is warmed up to operating temperature, by which time the clearances in that engine will be correct and minimal wear takes place. Hence the need for a good functioning thermostat for a quick warm up. This also applies in every day use.
Crank journals (main and big ends) will hold oil for ages however gudgeon (crank)pins are more inclined to dry out by comparison. The advice here is a fast idle after start up to get the oil thrown up there.
I hope this helps.