Sir,
Hah! I won the bet with myself. But, reading that it started on its old petrol is amazing. The fact that the engine is running and you were able to drive it around has you winning 80% of the battle. If the engine is sounding smooth just leave it alone, maybe a tune up will be required at the most. Do fit the in-line fuel filter (maybe Rs. 150/-).
One area that you will have to look at is the cooling system. I am assuming that the previous owners used regular tap water instead of a 50/50 or 30/60 coolant. If that is the case then there will be a fair amount of silt in the system. I know from experience that Multan water is hard. I will not advise you to take the car to a "radiator walla" because he will use all sorts of harsh acids etc that will do more harm tha good. Instead, get yourself a good quality radiator flush, (Liqui Molly is a good brand) and follow the instructions especially the quantity of flush vs. the cooling capacity of your car's system. Do this 2 or 3 times as required. Remove the thermostat and check its function. That is easily done, just put it in a saucepan of water and put the saucepan on the stove in the kitchen. Boil the water. If it is working, the thermostat will open. Do not operate the car without the thermostat as that will actually reduce the cooling efficiency of the system. One little trick to prevent further build up of scale in the future is to use bottled drinking water in the coolng system. I use Nestle water in all my cars.
Beyond that it looks as if you have you work under control.
As far as commenting on Asim Sb's post is concerned, well, I let it slide because I was longing to see more pictures of this treasure:D.
Cheers