inally got some free time and tore down the engine a bit. Lots of strange things on this one so I'll try to go in order.
While removing the carbs and exhaust, the bolts on the exhaust and intake manifold were quite loose, although maybe a blessing.
The cam cover and the rockers all looked pretty good. No noticeable scoring/wear and moved freely without any noticeable side play. The cover, however, had some large holes that appear to be some modification from the PO. Photos below. Two are on one side, one on the other. Is that normal??
In removing the head, this is where stuff got interesting. The alleged port/polish job is concerning. The "football" in both the intake and exhaust ports have been ground down quite a lot compared to photos I've seen of stock. Inspected the ports looking for obvious problem signs. I believe the valves have been replaced and not properly. Two of the intake valves are not completely seated and I can see a flashlight shine behind them. No trouble with the exhaust side that I can see.
The cylinder block looks freshly machined or honed and feels very smooth. Very clean and I could detect few wear marks or grooves. There is a small corner of a fin that broke off that I didn't notice when assembled. Can this be easily repaired?
The piston tops were to very clean. . The tops of two look almost brand new while the others look marginally worse. A good sign I guess. I did find a broken ring, but I'm not sure if that happened during disassembly or was broken in the cylinder.
I'm betting whomever did the "rebuild" never got it running once reassembled. The gasket between head/cylinder looked very new and a bit thick (1.25?) while the one between the cylinder crankcase much older and stuck to the cylinder.
I'm gonna check with the recommended machine shops for the cylinders and will have that head looked at as well.
EDIT: Photos are not uploading at the moment, but I'll get some up soon.