Hi Mad Dog,
Nice looking bike, looks just like mine did when I bought it in 1976 (P reg as well), that standard silencer (muffler) did not last long on mine as it reduced the ground clearance quiet a bit (it's still in my garage).
What was the bike running like before it was laid up ? If it was OK then it sounds like something has deteriorated while in storage, sticky clutch, gummy carbs (mine were so gummed I could not move the twistgrip).
Or more serious if you started it up without changing the oil or pressurising the oil system, that is turning it over with the kill switch in the off position until the oil gets to the bearings, you may have had metal to metal contact on start up.
However, as the guys have said do a full service on the bike before you give up or reach for the tool box.
The screw driver trick really works in isolating the problem area, used to use it a lot as I'm a cheapskate !
Cheers
Den