In my gallery you can see pictures of my homemade run-stand. Pretty bare bones but works great.
Use a fan in front of the radiator or the cooling will poor at best. I used my MSD 6AL and an Autolite regulator. I used a special MSD tach module to get the pulses right for the tach to read correct.
OBTW make sure the thermostat is in the proper direction... I had a bit of a newbie error that sent scalding water everywhere. Everyone in the garage was fine but the wife still doesn't think I have a clue as to what I am doing...
-John