Hi Everyone,
Once again, thank you for all the input and explanation. I did listen to part of the advice received. The time being a question(Trying to make it to the Distinguished Gentleman's Ride next week end;
http://www.gentlemansride.com/ ), I decided to try mu luck and skip(for now) the lenghty(and more costly) run to the machinist and do what was in my power. So rings and cylinders stayed the same(as I don;t have replacement for them just yet). I knew that my head gasket was bad and based on some of the comments the valve were likely due for some TLC. So I proceeded and did just that.
Lapping the ValvesTurns out that my normal go to store(Canadian Tire; in Canada) do not carry lapping paste/compound anymore. I was a bit stuck, then I remember that there was a Stihl(small engine) shop near my place where I got my yard tool. I went there and spoke to the guy who landed me a can of lapping compound (that he, himself, got from his father =-) ). So all that to say that I have been able to do the valve job. There on some a lot of gunk. Some had a crust that was very hard to remove.
Head GasketThen I changed the old head gasket that was leaking by the new one. Put the whole thing together and it looks like it did the trick, as the bike starts and runs.
I did however, redo a compression test and the result were about the same. So I'm not sure f the problem is with the engine or the gauge.
I would still have to vaccum balance the carb, but it runs for now and should be ok to go through the week end ride.
I will try to change the oil pan gasket as there was a new one in the gasket kit, and I realised that when the oil gets hot(more liquid/less viscous) that it leaks from one side.
But yes, the whole ring, piston, piston chamber thing, will likely be part of this winter project. As RB mentionned, and I understand that this would be the crossroad for many. I guess depending on what is your goal, these steps might become a deal breaker for some.
Still there should be more to come, I still want to get rid of the 4in4 exhaust, as it is ugly, I need to get a tach/speedo on it, new tires, side covers that I want to build...
Cheers