K, you said it sounds smooth, but dies out?
Assuming properly rebuilt carbs and smooth so they are sync, I need to say, check your choke cable. Lever for my 82 at open is perpendicular to bars. Full choke is parallel.
This is assuming that it is like when I left on partial choke and one hit a certain throttle and rpm, it seemed to cut out like rev limiter. Just a smooth vrrr.... And power cuts out. Rich or lean cutout, would be getting nasty popping and sputter/surge as you increased revs.
Choke is easiest, start there.
If that is fine, check ignition timing. 650 can be mechanically timed for ignition very easily.
After that, try carbs a bit, but I suspect it could be cam timing as well if the rocker assembly has ever been off. Isnt hard to have it off by a chain tooth...