It's important to keep high pressure water away from pretty much anything with a seal, including the wheel bearings, steering head, and even an 0-ring chain. I'm not a fan myself, I think you're asking for trouble using a pressure washer on an old motorcycle. As for the comment that "I'd hope the bullet connections would be packed with dielectric grease", that's a bit of a stretch.
I'd DEFINITELY not come anywhere near the handlebar controls, gauges, headlight, or turnsignals with a pressure washer - that's asking for trouble sooner or later. So what's left to do that's worth hauling it out for? Pressure wash your rims, and the fins of your jugs, maybe the area under the carbs, the sump, CAREFULLY. Anything else is asking for trouble.
My $ .02