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oil and water pump are gearbox driven so the engine would be moving oil and coolant. Cold fluids, but circulating none the less.
The excess rpm is the issue if it was in first. At 45 it would be spinning at close to 17k.
I would personally take the head off before doing anything, but if you can't do that rotate crank with a wrench to make sure your valves aren't floating around somewhere.
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