Good morning Don!
How´s the weather like at your´s, especially the humidity?
If it´s rather dry you can skip the part with the towels.
Just place them in a nice place with low humidity and enough airflow, you don´t have a barn, do you?
Like Pitu wrote: remove the spark plugs, drip in some oil and turn the crankshaft a few times.
Turn the shafts regularly to spread the oil again.
Somewhere I´ve read about special oils for the preservation of oldtimer engines,
but I think that´s not really necessary.
Maybe it´s helpful to keep some oil in the gear so that it doesn´t rust.
Regards
Jan