First time poster here although I've been reading for the last few months.
I'm trying to figure out where I am in restarting a stalled restoration.  The car is a '55 Glasstop 272 3pd Overdrive that I've owned for 50 years last summer.  I started a frame off in the late '80's got burned out and discouraged and career/life took over in the mid '90's.  Part of the the discouragement was that we had a severe cold snap down to below zero, lost power for a few days and next thing I know there was an ice waterfall out the right front portion area of the block.  Figured (hoped) that I had popped a freeze plug.  And so it sat for 20+ years.
Here is what I've done this past week - pulled the generator and done a visual inspection of the engine - no signs of water leakage on the outside, freeze plugs appear solid, no stains or discoloration of the new engine paint.  Drained the oil - it looks like it is brand new - no white sludgy stuff, no water.  The engine turns over easily - simply put a ratchet on the crank bolt and turned it over a couple of turns.  Bipassed the heater lines and looped it between the water pump and the intake manifold and installed an air pressure test valve that I used in our house.  In applying air pressure, it gets up to 4-5 lbs and starts gurgling inside the block.  It will get up to 8-9 lbs but won't hold any pressure.  I figured that if the water jackets were intact, I should be able to apply air and have it hold.  Is there something I don't know about?
Haven't pulled plugs or done a compression check yet.
Thinking that my next step is to either tear off the top end or try to start it up.
Comments and suggestions - but please, don't beat me up - I've been doing that to myself already - for a long time
Thanks for the input
Mike