I think the answer depends on what you expect out of your Indian Listeroid. If you wanted a hobby engine that will not accumulate many run hours and don`t mind frequent partial tear downs to get at and replace worn or broken bits, then go ahead and run it as received.
If you are putting it into service like off-grid prime power where reliability and return on investment is important to you, take that sucker completely apart, clean the shit out of it with mechanical scrapers, wire brushes, sand blaster, etc. flush completely with a high pressure air driven solvent gun, then check the casting with rubbing fingers to see if any areas continue to shed grit and clean some more, wash away all the oil, paint seal the cleaned insides of the cast block with Rustoleum enamel or Glyptal motor varnish, bake the paint hard with radiant heaters, carefully reassemble with hospital cleanliness coatring all running surfaces with Lubriplate 105 white motor assembly grease (also filling the solvent washed TRB`s) and keen precision to all mechanical details, correcting issues as found.
Install a big neodemium catch magnet or two in the bottom of the sump. Put clean oil in the reassembled engine when ready and run for half an hour to an hour if all seems well, then open the sump and examine the oil for grit and the magnet for released ferrous metal particles. Wash out the sump with clean diesel fuel, remove, clean and re-install the magnets, put new oil in and run that baby for longer this time, maybe 5 hours. Make sure the engine reaches operating temperature for most of this run. Repeat drain and flush, inspect and clean the catch magnets again.
A fair bit of iron filings is to be expected on the first magnet inspection, by the second time and five run hours on the second load of new oil the metal beard on the magnet should be less. If it is more, you have a problem that has to be found immediately. How much iron filings are indicative of trouble on second run? Half a sewing thimble full would be IMO.