Thanks IW. I noticed your from Saskatoon. I bought this bike there last year.
Here's what I've done so far:
1. Cleaned carburetors and lubed/adjusted throttle cables. Carbs are completely stock and the air filter is a Uni stock replacement. 4-1 Mac exhaust.
2. New plug - cylinder 4 would fire for a bit then get fouled and not fire. It's sooty, sometimes wet and sometimes smells of gas.
3. Switched wires and even tried caps - #4 wire worked fine on #1 cylinder
4. Took carbs off again and reset float levels, also double checked jets - This seemed to almost fix the jerky, stumbling at low rpms but the bike then had very little power through all gears. Also tried various air jet changes.
5. Replaced points, gapped them, and static timed. I had experimented with retarding and advancing the timing but it had no noticeable effect so put it back where it was before I started. Waiting to borrow a friends strobe. The points have way more spark then my old ones but no obvious affect on the bike.
6. Re-adjusted the valve clearances and cleaned/gapped plugs. Some of the valves had been a bit too high, but not by much. The bike ran a bit better and this seemed to help with #4 cylinder firing but the pipe didn't get as hot as the others and the plug was still fouled. The other three looked nice and tan-brown again. This could have been the plug clean then fouling again.
7. Adjusted #4's valves a tiny bit tighter, .002 still fit, went for a ride and this time the bike had very little power through all the gears again, the throttle response was very weak. The jerky stuttering was also back with a vengeance.
The small changes in valve clearances seemed to have drastic effects on the bike, although it could be the #4 plug getting fouled again. I haven't taken the head off to check the rings on #4 and hopefully don't have to.
I'm not sure what else to do yet. The carbs were synced last fall just before putting the bike away. I'm planning on doing it again once I sort this jerkiness and cylinder not firing.
The low rpm jerkiness and #4 not firing consistently still continues...