Thank you for your post, Mike.
I took the bike to a bike shop, where they changed oil and the filter, replaced the chain, and took off the annoying blinker beeper. It cost me around $230 bucks, but I feel it was worth it, because the technician showed me all the work he was doing. He showed me how to change the oil, where oil filter was, how to tighten the chain and gave some advice on how to maintain the bike.
1) If it's leaking from the valve cap it could be as easy as a retorque of the cap screws.
Yesterday I replaced the small rubber rings on the valve cap screws - I figured they were to blame for the leak. Haven't ridden the bike since then yet, but hope it will help. There is still a leak on the main gasket at high rpms - when going 60 and faster. I am trying to estimate how bad it is, but definitely planning on the engine rebuild some time this summer when I have more time and money.
2) You could See "idle adjustment screw" in your manual but you said the previous owner "replaced most of the worn parts and did multiple tune-ups on the bike" so your idle may be set to where your bike idles best. You could adjust the idle down to the 1,000rpm that your 1977 manual specifications call for to see how it idles,both warm & cold. (I assume you bought the 1977 manual rather than the 1976).
I know where the idle screw is, and at this cold weather I have to adjust it before it warms up, and then tune it down at first red light or stop sign, so that the idle would be at around 1200-1300 rpm. If tuned to idle at lower rpms it idles poorly, the engine works very unevenly and there is significant amount of vibration.
The technician at Twinline Motorcycles told me it was normal for older bikes to idle at higher rpm's.
3) Check your manual for the clutch adjustment on your handlebars,could be an easy fix. I would get out of the habbit of downshifting into first gear unless you're going less than 5mph rolling up to a stop sign,or better yet,at a complete stop.
I got in a habit of doing that, and yes, there are no issues with shifting anymore.
Also, I bought some tools - pliers, wrenches, screw drivers - and last night I learned how to adjust the clutch, with the allowed free play as described in the bike manual.
You've said that you have no tools and very limited knowledge of how to maintain a bike so please don't be in a big hurry to spend all that parking savings. These boards are loaded with project bikes that have been apart for years;I was "that guy" once,don't be "that guy".
Did you call Twinline Motors or any other bike shop for the check-up you were talking about? If not,I wouldn't jump the gun on that either,I'm sure there's plenty of people on these boards from your area that would take a look at it much cheaper. Maybe the previous owner might help you out with some of your concerns.
GL!
Mike
I am definitely not going to spend much more money on servicing the bike at the shop, except for may be replacing the tires. I think most of the work is doable with simple tools in the garage.
The battery that the bike came with was pretty much dead, so I replaced that too, last night. Now, starting the bike takes no effort at all, takes less than a second, feels very nice.