I did pretty much what Charles explained. I put my 289 on an engine stand, drained the oil, squirted a bit in each cylinder head, and wrapped the whole thing in a big thick black garbage bag. Once a month, I rotated the engine 1.25 revolutions (to keep the springs from setting in place more than one month). After 5 years, the engine was installed, and only one lifter was a bit sticky, but loosened up after 30 seconds or so. The next couple of weeks, I found the water pump and fuel pump leaking, and had to replace both of those. For long-term storage, I'd remove and drain them, and wrap each in a plastic bag.