Well, it all depends on how conservative an approach you want to take.
There is NO way that dripping oil down the cylinders will oil the cam, rod, and main bearings properly (if at all), not to mention the cam lobes, lifters, etc. Even pre-oiling (pre-pressurizing) won't lube all of the dry surfaces (although it should do a pretty good job on the bearings).
>If the engine has not been turned over for a long time and you REALLY want to MINIMIZE start-up damage, here's the best way to do it:
1) Do NOT turn the engine over.
2) Drain out the old oil and crud.
3) Install a new oil filter (if it has one).
4) Buy a few gallons of cheap motor oil and fill the block with it, up to the level of the camshaft.
5) Pull out the spark plugs and pour some oil down each cylinder.
6) Let everything soak in for several hours (at least).
7) Crank the engine slowly by hand to make sure nothing is stuck (like a piston ring).
8) If the engine is free, crank it for a while with the starter until the oil pressure comes up (leave the spark plugs out to reduce any pressure against the bearings.
9) Drain out the excess oil to bring the level down to normal.
10) Replace the spark plugs and start the engine. Run it long enough to warm it up well.
11) Change the oil and filter. Use good oil this time.
Nothing to it! Overkill? It depends on your perspective. How much money are you spending on this rig? Is the engine in good condition? A few gallons of cheap oil won't set you back that much, and you can use the leftover oil for the same thing later on.