Alright, so I adjusted the float levels. They were definitely low, ~15mm below the gasket. They're now in the 6-8mm range. I also pulled out the spark advancer and cleaned/lubed it. Also checked the bowl vents, they're clear. After making the level adjustment the bike will hold a steady rpm at 4K or lower. It would still only rev higher if you snap the throttle open, and then it would billow bluish smoke. So I decided that maybe it just needed to be driven a bit (engine hasn't run in about 7 years) and cleaned out.
That's when I found out that it really doesn't want to accelerate under load (I live on a steep hill: down goes to big road, up goes to residential neighborhood). So I lugged it in first at 2K up the hill to flat land. There it wouldn't smoothly rev past 3K, but if you snapped the throttle open it would open right up.
I'm now thinking these may be symptoms of very poorly synced carbs? The cylinders start to fight each other around 3-4K and unless you race to full throttle it starts to shut things down?