Well folks, she lives and is better than ever.
For anyone who is going through something similar I've come back to leave some feedback.
Turns out it was very much a case of needing a top end rebuild, Cyl. 4 needed new rings and a new piston as it was only holding compression when wet.
New set of rings and now she runs sweet.
Theory on how this happened was that the PO had destroyed the threads on the sparkplug for cyl4.
Letting the bike get exposed to the elements and rain corroded out was left of the rings.
I was fortunate that the cylinder walls were some how in great shape and only needed a hone.
Anyway, hope this helps. Glad after nearly 2 years I now get to ride.
Other things that got done since the last update, forks have been rebuilt, cleaned up the electrics, front and rear brakes including BMC rebuilt and fixed up the turn signals and rear brake lights.