I appreciate the comments everyone. I'm going to just going to go for it. What is a puck? I have a feeling this is a nick name for some type of gasket.
Ek- the tach has been replaced, I never sealed it, but it's never shown a noticeable leak.
Pewe- I'm just going to rip into it, I can't stand these questions I ask anymore. I'd rather just figure it out after tearing into it. Oh, and yeah, each time I've done a compression check I opened the throttle fully.
Rafster- no air leaks, I've checked more than once. I'm pretty sure it's related to lost compression (valves/gaskets)
Steve-o - bike is definitely rich, black sooted plugs -- all 4. I've been too lazy with the cold weather to bugger with the carb floats on my city side street. I have the stock air box, but I have this silly "shorty-pipe" exhaust pipe. I would love an oem exhaust, but that would be a 1,000 dollars I cannot find.
As to the valve lash, I've done plenty of adjustments, I'm certain the back fire is either related to a valve leak (internal), or my rich gas mixture. I'm tired of running this bike into lower maximum speeds. When I first got the bike it could hit 115, 7k miles later, 100 is pushing it. I know these gaskets need to be changed, absolutely certain. It's either I tear into this bike and become partially attached to her, or I'm going to give her up.
However... what tools do I need to check specs on all the odds and ends?
I have HondaMan's book, but it's not clear to me what is needed tool-wise for internal engine spec checks.