Thanks for the timely replies, as it happens a minimum of fiddling has resolved the start and gas tank issues. I bought this bike because my gut (and various objective data) told me the seller was trustworthy. And I think he is. The failure to start had me doubting this, but I thought about what might be wrong and one thing that occurred to me was this - the bike was just transported 700 miles on an open flatbed trailer with its side covers removed, leaving the central ganglia of the wiring harness exposed to a lot of wind. I went back out to the barn and it took me about 30 seconds to find a connector that had come loose connecting a green wire right in the middle of that area.
Wiring replugged, she started on the first stab, and sounded wooooonderful. Even settled right into a nice steady idle just above 1k. I have no clue about the MAC 4 into1 on this bike in terms of performance, but the noise it makes is pure music.
Powderman - I was wrong about it having no gas, there is some, I had just assumed the tank was empty when I couldn't see gas covering the middle of the inside of the tank. And I did start out by pushing the start button, just got no action from it.
As to the tank, I took another, closer look with a much bigger flashlight, and found that what I had taken for heavy rust right below the filler hole was actually some kind of coating - its red, shiny and translucent. There's clearly some rust visible beneath the coating, but I think what the seller actually stated, which is that the tank is in good shape inside and out, is arguably true, providing this liner doesn't start disintegrating. Oh, and I will post photos of all this once I research just how to do it on this forum.
So now I'm left with the nagging title issue. Going to hit the DMV tomorrow in person with my available documentation and see just how big a pain in the ass this is going to be.