A little more than a year ago I got a '76 o2 that had beensitting for 10 years. The very first thing I did was have a reputable mechanic check the car out. This is so worth the $100 to get an expert report on the state of afairs. Luckily I had no major mechanical issues to address so I followed the course described above somewhat:
1) tires- you have to be confident in ur rubber
2) fluids- change every drop of coolant, lubricant, hydraulic and gas in the car. EVERY DROP. Brake fluid being most critical just behind engine oil. New fuel and oil filters too, of course.
3) suspension- I updated all of the steering links first. You must be in control of ur ride.
4) major tune up- this included points, condensor, rotor, cap, plugs, plug wires and coil. Also with this process it is critical to adjust your valves.
5) now replace all belts and hoses- of course it is smartest to replace the hoses and thermostat with the coolant change.
6) STOP- if the car was in relatively good shape when it was put up, now is the time to drive it. Really drive it like you plan to everyday. Take this time to asess further needs, they will arise. Plan on brake pads and rotors to be the first need and hope the calipers and lines are ok. Does it need shocks, exhaust, carb, etc. How are the electrics?
All of this was done with the help of the good people on this FAQ. You should easily find some FAQer in ur area willing to help/advise.
Good luck, see u on the road.
-Bill