fill that thing up with PB blaster.. turn it a little every day..
DON"T FIRE IT for awhile. THat plug is on the one cylinder that had a valve in the open part of the cam cycle. IT was probably the frozen one.
Thing is, those rings are probably seriously glued into the ringlands, so I wouldn't expect much compression there right away.
after it gets nice and easy to spin. i'd put cheap, fresh oil, substituting half a quart with diesel fuel. Spin it on the electric start a bunch and get oil up.
at this point, you can try to fire it (after cleaning the hell out of the carbs, obviously). Run that for 10 minutes and drain the oil. Put better oil in it, and hope for the best. I think it'll be okay, based on what you have found so far.