I would say the condenser is ok if you had spark...my experience with this sort of stuff is that if you have all the basics...compression..fuel..spark...the bike should run....also...once you get it running...and idling...as the rings re-seat,and the valves start knocking all the bits of carbon off themselves as the bike is running,the idle starts going up and so does compression(assuming its not all rusty in the cylinder...im not saying it will totally reseal,but you might be suprised at the compression increase...
When i buy old bikes like yours,i usually end up cleaning the carbs,checking the ignition timing,draining and relacing the oil,fresh battery...once i get em running i let it run a bit and listen to the rpms going up and up...sometimes i stick a carpet fan(one of those squirrel cage thingies) in front of the motor so it stays relatively cool...and let it run for a bit..i usually end up dumping the oil back out after a few go arounds with that,and let the engine cool all the way back down,then go check/readjust the valve lash/clearance,re check the timing,then synchronize the carburetors..