Thanks Dave, the water was there 8 months ago and was dealt with then, I was hosing all the crud off the parts and then dried and oiled.
I think new bearing shells are the order of the day, off to David Silver's.
On another note after cleaning and prep work I got a lot of painting of parts done today, pegs, battery frame, seat, ignition surround, engine mounts and others parts.
Seat before paint
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Lacquered 2 coats front and rear hubs with POR Glisten.
Felt like I really make some progress today