You are correct it is a good sign the petcock was closed. Now if your friend also drained the carbs then you will be in the drivers seat...
I forgot if you had a chance to look in the tank yet, but be sure it is clear of rust and crapola as those items will close up the carb jets mighty fast. Do not be in a super hurry to start it up. Take your time, get a new battery, change the oil & filter, and save a little oil to squirt into the 8 valve adjustment holes on the top of the valve cover (17mm). That will give some fresh oil to the top of the motor when you first turn it over. Put in some new spark plugs and see what you got. Of course, how it starts and if it starts all depends on the condition of the carbs. I would also suggest once you have the oil changed check to see if you have spark to all plugs. Good luck and let us know how you come out.
EDIT: A side note...when you change the oil you will be removing 3 things:
1.) Filter (be careful not to round the filter bolt as this happens a lot)
2.) Oil pan drain plug.
3.) Oil tank drain plug.
Just wanted to mention that as if you did not have the manual some forget about the oil tank.