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Well, it's carbureted, BUT since this is opened up, how is the oil different in a carbureted engine, than a fuel injected one? Did the internal components of the engine change, based on the induction/fuel delivery? A few minutes is not too long. Idling a cold engine will never be harder on it, than placing a load on a cold engine. It's more than oil. Parts need to time to properly heat, and expand. You will never hurt a engine by letting it warm up before placing a load on it. The opposite can not be said for placing a load on a cold engine."A few minutes" is too long. On a carbureted vehicle maybe, but on fuel injected? 30 seconds is all it needs to get the oil into the entire engine.
I lived in Ohio, it doesn't get that cold there. I live in Minnesota now, it was -7 this morning, I fired up my 1999 Subaru Forester, it fired right up, I got out, scraped off the windshield, and drove away. As long as you don't rev the **** out of it, it'll warm up nice and fast, no problem. I'm feeling heat within 5 minutes.
To help ease the cold oil issue, run synthetic. Just because it's an older engine doesn't mean synthetic oil is bad for it, you can run synthetic in any engine, and it'll be fine. I personally use Mobil1 0w30 because of how cold it gets here, and even in my Thunderbird I run 0w30 for better cold start protection even though it doesn't get run in the winter.
You may not need that extreme, but really, synthetic flows so much better in the cold than dino oil, it's worth the investment.