I've heard of using ATF, but I think I'd use a can of "Fogging Oil" that is made for what you're doing.

http://www.pennzoil.com/products/marine/fogging_oil.html

I'd drain the fuel out of the carb (If it's a Holley, you could either pull out a bowl screw or remove the carb and turn it upside down). Re-mount the carb, but don't bother with the fuel line, since it's coming out.

Then eventhough you did the fogging oil thing, I'd still pull the coil wire, pull all the sparkplugs and squirt a spoonful or so of oil into each sparkplug hole, then crank the engine over a few times to disperse it; then replace the sparkplugs.

Since you're going to pull the engine, I'd drain the oil & remove the filter, no need for it to lay in there and turn to tar...

Once it's out of the car, I'd remove the block coolant drain plugs and tip the engine around to get it all out - that way the coolant doesn't lay inside the block for the duration.

Finally, I'd back off the rocker arm nuts to relieve the pressure off the valve springs.

What did I forget?