Fan clutch replacement guidance and recommendations

Did you have the block sonic checked before boring? Anything you can think of that would cause excessive friction in your engine? Does it perform the way you think it should? Hard to diagnose this without physically being there to witness it happening.

Anyway it does sound like your fan clutch is shot and needs replacement.
The engine was thoroughly gone through when it was rebuilt but I am not sure if it was sonic checked. It was rebuilt back in the early 2000's, reassembled and stored in a crate in the corner of the garage until about a 18 months ago when I dropped it back into the car. After storage, drained the oil and opened the pan to look up into the cylinders. Pulled the intake off to view things from the top. All looked good. Before initial fire up, the engine was primed, rotated by hand and primed until oil was observed flowing to the top of the rockers.

Can't really think of anything that would cause excessive friction. The engine has 340 X heads on it, a 340 factory intake manifold and 340 exhaust manifolds.

I think I will start with the fan clutch but have a feeling there is more involved to the cause of the issue.