I have finally completed two 20-minute runs at 2000 rpm, under no load - temp 185 - oil 50 psi. There are no sounds out of the ordinary. After first 20 I dropped the oil and cut open the filter, there was no sign of metal. Headers nearly melted plug wire boots, I have ordered heat shields. There is no smoke coming from the valley or the exhaust.
Is there any concern if I continue by running the engine on the stands at idle and cranking, it has not been placed under load yet? I need to bleed the power steering which requires cranking without starting and I want to fine tune the fuel and ignition systems and adjust the valve lash.
Many Thanks for all of your help.

.150 Stroked Y-Block:327.25 ci @ >1hp per ci
