Yup, they run great stock.
Just thought I'd mention a couple of things no one has mentioned so far. One is that the ST46 (& ST60) tend to be a lot more thirsty than most modern engines, (almost an ounce per minute) so make room for a good sized fuel tank. In a TBird, you may have to put a custom sump. (a small tank soldered to the underside of the tank to hold more fuel) OR, maybe a better idea would be a plastic clunk tank, since they are taller and hold more fuel per linear inch.
Now, that being said, and we know they run well stock, IF you box yourself into a corner with say a tank too small, like a 6 Ounce tank and you really need 6 1/2 to finish the pattern, you can throw in a couple of head gaskets or hemi the head and your fuel economy will go up a fair amount. You will not change the run much, just soften the break and power a hair, but in a little Tbird, you will still have tons of extra power. The other option is keeping the nitro low. Higher nitro, less fuel economy. Don't try a 4 pitch prop and leaning it out, you won't like it, and it will shorten motor life a bunch. If that's the run you like, go buy an OS LA46.
Personally, if it was me, and I had a nice new in box one, I'm not sure what I'd do. But if has been run, even bench run even once, I'd dissagree slightly with Brett's advice here in one respect. The trouble being, it's not 1969 anymore! Many ST's that have sat around for this long in storage after being run have the wrist pin stick and not rotate in the piston or rod. I'd pull at least the backplate, shine a flashlight up in the boss and turn the engine over to see if that pin is loose like it should be. If not, you'll wipe out either the top con rod bushing or piston boss in no time.(Like the first 20 minutes of run time...Ask me how I know)
Since I became aware of this and started checking, most every used engine I've gotten off the "bay" have had the wrist pin stuck, and I'm glad to have averted disaster by the simple check I now do.
Also, looking in the exhaust port, make sure the ring isn't compressed and stuck in the groove from long term storage. Local reworkers here like Tom Lay relieve the ring groove so it wont stick after being run for an extended time with all castor fuel also. They also put in a modern hardend ring that will hold up much longer than the stock ring. And as long as I am bending Bretts rule here, some models come with a banded stuffer crankshaft, I'd definately remove the band. I've seen and heard of others have the band come off or break while running and blow out the side of the crank case. Good bye engine.
Even if one were to choose to do these few checks and minor modifications, I would still consider the engine as stock afterwards,(no timing mod's, drilling holes or grinding on the guts) just some very wise preventative maintenance has been done.
Enjoy your engine, they are sweet runners.
Eric Viglione
PS: I believe Brett's main worry about touching the engine is that most unqualified people will do more harm than good, even just pulling a backplate or head if they are ham fisted or don't know what they are doing. So I'll add a condition that I aggree with him and if you are not proficient at this, that you simply have it pre-flight checked by a pro engine guru like Tom Lay just to at least make sure nothing is stuck before running it.