Don't even think about trying to start the engine on an engine stand. The stand is made for assembly only, it's much too unstable to try to run an engine on it.
I have started up old used engines on the floor of my garage to do a quick test. But you should install it in your car if you want to run it. That way you'll have a cooling system (important) and exhaust system with mufflers so you can hear any funny noises that may mean trouble.
Don't mess up your nice engine, put it in the car to run it.