Engine on stand storage

Okay so I've searched and found that it is best to spray the engine down with WD40 and put a garbabe bag over it to keep it from rusting. I can buy that but should I tear mine down any farther and clean it up first or leave it as is???

Also it has spent a considerable time in a barn (previous owner's storage location). I guess the good news was I found a lot of oil inside it as I was getting it out of the truck and onto the stand. It was a nice suprize...lol

It will be 2 years at least before I'm to the point of using it I'm afraid.
Thanks ahead of time for the input, I just want to store it the best possible way.

Attached is a pic of the current condition:
351W_1.jpg
 

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I would consider taking it apart if possible, that way, if any rust does develop in areas that you cannot get to while it is being stored- being together it will be harder to take apart. You can probably do the same thing to all of the parts to keep them in good condition. Take everything out cause most likely it will be rebuilt anyways. Put the pistons in a bag in a box, soak the crap outta them and close the bag and box up. Same for the crank. Then soak the crap outa the engine, bag it, tie up as tight as you can and stuff it in a corner.
 
I took mine apart all the way, then WD40'd it as you indicated, placed the garbage bag over it. The problem then is you have to store all the bits to keep them clean. If it is just sitting in your garage and your garage is basically dry it will be just fine. Doing it over, I would leave it as your is with the bottom end together. Hose down the cylinders with WD40 and shrink/stretch wrap it. The garbage bag works OK if you are not real concerned about a little dust seeping in, but I now prefer stretch wrap. I bought stretch wrap from a moving supply place for $20 for a huge roll. Every piece I complete as I put it together gets stretch wrapped to protect it from dust, dirt, whatever until I am ready to put it back on.