IMO you should not be squirting any lubricants into the cylinders before start up. The engine should have been well lubed upon assembly, and cranking the engine with plugs out/coil disconnected and fuel pump off should ensure everything is well lubed before anything is subjected to any real loading anyway.
After you have established oil up and pressure on the gauge, just go thru a regular start. Make sure it's full of oil, full of coolant, carbs are primed with fuel and ignition timing was set pretty close for initial start up...
Don't flood it with excessive fuel by pumping the gas pedal.
Get it running at around 1500 rpm idle and vary the engine speed slightly (the car is still not moving, this is all in the garage) up to around 2500 and monitor the coolant level. Let the radiator fans cycle thru a couple or three times on/off... and then shut it down.
Let it cool down completely, stone cold, overnight even better and then your ready for the first retorque... do the head bolts in torque sequence, but first (one at a time) loosen a bolt by half a turn, tighten it back to it's original position (you can use a paint pen to mark the bolt head and a reference point on the cambox or head to make it easy) then swap to a torque wrench and do that bolt to final torque... you'll probably find it tightens by approx 1/8 to 1/4 turn more than it was initially...then move onto the next head bolt in sequence and do the same thing, continue until you have done all ten, one at a time...check tension on the inlet and extractor bolts too...check fluid levels, then your ready for the second start.
This time you can set the idle and check the static timing with your timing light, check your carbs for balance, adjust your idle mixtures...now your ready for a drive.
Keep revs below 4000rpm, vary the engine speed and try drive up some large hills to load the engine, but don't let it struggle at low revs. Personally I like to do 500km (all in one trip if possible) on a new engine...stopping half way to check fluid levels and any leaks. when you get home shut it off and let it cool down stone cold again, overnight. now you ready for the second retorque, an oil and filter change, and check the tappet clearances...if you want real peace of mind send out an oil sample for analysis...make sure your carbs are set up well, too much fuel will wear rings quickly and dilute the oil reducinging it's ability to lubricate properly, to lean will cause detonation and high cylinder temps...
after that just drive it normally...keep it under 5k until you reach 1000km or so, then under 6k for the next 1000km or so, then under 7k for the next 1000km or so...
after 3000/4000km I do another oil change and tappet clearance check...and if you feel like it another retorque (I have never had a head gasket fail after a rebuild) and then go as hard as you like, after always warming the engine up to temp. Had lots of customers follow this advice, pulled engines down a few times after 100,000km (for more mods) and the bores were still pristine with cross hatches still showing, cylinder leakage under 3% and pristine bearing conditions... so I think it works.
Oil is a personal choice, but modern synthetics are very good at handling high temps and high loads...after the engine has done 500km on the original run in oil, you can run a quality synthetic.
SteveC