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My first thought was a leak at the timing cover as a result of changing out the timing set. But then you mention that the engine has not run for six years which adds a lot of new possibilities. The timing cover is still at the forefront of all of those but nothing else is ruled out at this point. I will suggest draining the oil and while the drain plug is out, do a pressure test on the cooling system. If you have a problem with either the block, heads, or timing cover, then it's possible to see some water/coolant coming from the open oil pan drain plug. You may have to leave the pressure on the radiator for as long as thirty minutes before enough moisture has accumulated to make its way to the oil pan drain hole depending upon the severity of the leak. Fifteen psi should prove to be adequate for this. If you see a coolant drip from the open drain hole, then it’s just a matter of finding the source of the leak.
 Lorena, Texas (South of Waco)
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Did you use some sealant on the timing cover gasket? Never had a problem with front cover bolts that go into the water jacket, never used a sealant either (although it's a good idea)
54 Victoria 312; 48 Ford Conv 302, 56 Bird 312 Forever Ford Midland Park, NJ
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Yes I used a gasket and Sealant
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