I figured the best way to work the cranking issue was to try to isolate as much as I could. I figured it would be pretty easy to isolate the top end from the bottom end. Right under the valve cover are the four bolts that hold the head on. Those bolts also hold the rocker assemblies. I just took the 4 bolts out of each head, lifted up the rocker assemblies, took out the pushrods and tightened the heads back down.
I started with no plugs in it and it cranked over much like it did before. Next I put plugs in it an lo and behold it cranked over fine. Not only that, the oil pressure built up as evidenced by the oil light going out. Some more cranking and I saw oil flow at the heads/rockers.
So with the valve train disconnected, it seems to work fine. Now all I have to do is figure out how to make it run on only a compression and power stroke
The valve train is pretty heavy duty. There's 4 valves per cylinder and the valve springs are doubled.
That's where I'll have to leave it for next weekend.