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Two eye's, Two ears. USE THEM!!!!
If there is no conspicuous noises, oil pressure problems, nor oil seepage under force while engine is RUNNING then it there is no reason to fix something that ain't broke.

An engine of UNkown history:
First and formemost is to simply make a an external visual inspection of the engine. This can take up to 3 hours of diligent visual "look and see".

SECOND, is to remove drain plug from oil pan to let just a little bit of oil out AND INSPECT FOR ENGINE COOLANT in the oil. It settles to bottom of pan. If there is alot of water in say a 1 pint sample, then very likely a cracked block or head or bad gaskets.

Third: REmove spark plugs, squirt some oil in ccylinders and then Use a WRENCH (NOT THE STARTER MOTOR!!!!!) to tuurn the engine over at least 8 full turns.

Then go from there.

On the use of Snake oils and gas treatments.
Avoid them UNLESS t here is a conspicuous problem that affects the operation of the engine.

I use the CD2 (black label) for sticky hydraulic lifters, valves and oil pump PR valves.

The STP gas treatment seems to be good for sticky valves.

BUT if there is no problems i do not use any snake oil "treatments" at all.

One possible exception:
Engines that are operated at routinely very low speeds and under very low demand service levels and maybe only for very short run operations might benfit from some of the snake oils.

I have at least 4 enngines here that operate under very low, slow use operation. I use no snake oils. But if they begin to show signs of sticky valves or lifters etc then i'll add a can of oil treatment or gas treatment.

The STP gas treatment i have only recentlybegan to use.
It smells and burns (yes i actualy poured out a 1/4 teaspoon full and lit it with a match) like diesel ffuel. But ver y weak diesel fuel.

I'm goinf to try using some diesel added to the gas (as per instructions on STP bottle) to two of the 88 ford rangers i have with sticcky valves. Cheaper thaan buying the STP.
These engines are operated at very low speeds, never warmed up and maybe only run for 2 to 15 minutes max at any time all year around.
THAT is the WORSE possible engine operation.

On an engine inspection what are some of the things we want to look for, besides missing parts?
John

To Wesley Boyer:

What was MY count?? As stated, Zero, we never experienced engine damage on any car we've purchased. As stated we inspect the valve chamber and if full of crud then cleaning of the pan is in order, a rare occurrence.

Or did you mean THE count of other poster's experiences?
Still ZERO as those who experienced failure had or saw valve chamber crud and did nothing.

As I said, we use common sense, if the valve chamber is clean, do nothing; if full of crud then clean the pan. 56 years/400 cars/no problems.

To Packard V8:

Just what can I spend 3 hours inspecting an engine externally??? JUst a little more than that I can remove the head(s), pan, manifolds and much more.

No amount of external inspection will tell me if there is crud in the valve chamber or lots of sludge in the pan which is the subject of this post????

Please explain, thanks

Lost valve keepers in oil pans:
THis is common placce among engines that have been serviced by Authorized Dealer mechanics WORKING ON COMMISION.

The mechanic simply compresses the spring and attempts to either knock out or pick out the keepers real fast. REMEBER, he is working on COMMISION!!!! He works FAST!!!!!

What ever keepers are easily recovered he will recover, but if one falls down into the crankcase he doesn't caree. He just goes over tot the parts counter and gets keepers to replace the lost keeper and charges the parts to the customer.

Note that this can also happen on OHV or OHC engines too, but that as common place as on flat head engines.

If one finds it necessary to remove oil pan:

Many engines regardless of make model yeaaarr have a FLOATING oil pick-up screen. Be sure to inspect the STOP on the float. If the stop is worn or broken then the float can float high or bounce high to hit the crank or rods.

A valve keeper in the pan poses no danger whatsoever to the engine. It cannot be drawn into the pump not thrown about the crankcase and cause damage. Uusally gets stuck in the muck.

If I were working on an engine today and dropped a keeper into the crankcase I'd just get another and leave the lost one where it lies.

Just what is the problem??

Wow! 56 years 400 cars, no engine damage. Thats a lot of male bovine excretment. Wait, I forgot we are sticking to the subject.

If I had not pulled the pan I would not have even seen the sludge up in the valve chamber. Wouldn't have thought to look there. I would have thought gravitational pull would have placed it in the bottom of the pan. Good thing I looked up... lots of gunk to clean out. I don't understand why you would not do so for your prized "baby". I would want to know for darn sure! BHW