Not so sure if i'm the sensible newbie you wished for......
So after picking up the bike (it didn't run for 5 years ) it seemed to run ok, and I decided it was time test it out a bit.
I wanted to get new fuel right away, but no gasstation, so i drove it for a while

It didn't sound happy, so I put in new gas, loaded the battery and hoped for the best. (I also planned a 250 mile trip while waiting for the battery to load).
Here's some stuff I learned on the way:
1. Riding old bikes is not just fun, it's an ADVENTURE!
2. Woman often think your adventure is a disaster.
3. You can never bring enough tools on your first ride.
4. Residu from old gas will clog ALL your jets in 10 miles.
5. Fixing a bike with few tools at the side of a highway is an adrenaline rush.
6. You cannot fix a leaking exhaust with a Mc Donalds straw (for long anyway)
7. Once you get past all the breakdowns (4 so far), you forget about them in 5 minutes.
When (if?) I get home i'll start fixing it properly. I intend to rebuild the carbs, part of the electrical system, get electronic ignition, get the front wheel balanced, maybe get new rear shocks and front springs if budget allows. And get the fairing off and get a normal headlight.
Here's a pic of my new bike if you want to look at it:
http://www.sohc4.us/gallery/v/members/personal/ieism/cb550.JPG