Cold oil will drain a fair bit slower, but why not (if you're patient). After doing that I'd remove the spark plugs and squirt a little oil in each cylinder (not too much), wait a few minutes and then crank the engine (still with plugs out) until the oil pressure light goes out. Should have fresh oil over the inside of the heads when you look through the oil fill hole. Then replace the plugs and fire it up.
Mainly because the engine's been sitting for ages it'll have very little oil in the engine itself and you want to minimise the amount of "humungous pain" it goes through
Be prepared for the car to be a little harder to start and it'll blow smoke if you do that though.
Actually a thought in the pro-old oil group is to turn it over on the old oil and then dump it, because any wear particles generated due to lack of oil will go into the old oil, which you're about to dump. That means your new oil will be cleaner.
It's probably the kind of thing that makes less difference than you think it does, you could probably just change the oil start it and drive off and it'd be fine... heh