BREAKTHROUGH TODAY!
I drained the fuel from the carbs, which had no sediment, but was darker than apple juice, which is weird because the fuel in the aux tank was still very light. Granted the fuel in my can was at least 18 months old. So, I got fresh gas (87 octane w/ ethanol) and the bike fired right up with full choke on the first crank! After 30 secs the bike died, but it restarted with no choke and just a hair of throttle. I tried to steady the idle at 1800, but it kept wanting to walk up to 3000. Not sure if that is relevant before a carb sync. I let the bike idle for a few minutes, and evaluated each cylinder:
#1 - getting a good amount of smoke out of the exhaust. Steady 200 degrees at the header
#2 - no smoke, steady 200 degrees
#3 - no smoke, only about 130 degrees
#4 - no smoke, but 220+ degrees at the header
Not sure what any of this means (should I be worried about piston rings on #1), or if a good carb sync will clean up the issues. I've also heard that just getting the bike on the road and riding it clears up a lot of engine issues on bikes that have been sitting a while, so hopefully nothing to worry about too much here.
Tomorrow I'll take a stab at syncing the carbs. This model has #2 as the "reference" carb, which I understand should make the process easier. If that goes well, I'll throw the tank and seat on and take it for its first ride in 25 years
I also noticed a little a spot under the left front fork, it seems like it was leaking fork oil (bottom of fork was a little wet). Seems really strange because the bike hasn't moved in weeks. All the bolts were tight. Something to keep an eye on I suppose.