Pre oiling after sitting for several years

[chevy72blu]

I am going to pick up my LS1 this weekend. It will be several weeks before I fire it, but this has been in the back of my mind for a while. I have done lots of google university, but I wanted your opinions.

The motor has sat unfired for 4+ years. My plan is simply to pull the valve covers, wet the rockers, crank it for 3x10 secs with the coils/fuel pump fuse pulled to spin the motor up, and light her up. I realize that this isnt the BEST way, but is this a reasonable solution? The goal of this swap is to build an affordable DD with good mileage, not a purpose built track motor... So, I am less freaked out about such things than I was with my BBC.

Will I need to keep my rad cap off to bleed the air out or will the steam port make this unnecessary?

The motor is a stock LS1 out of an 02' F-body with 60k miles (according to the PO, unverified of course).