Concerning cylinder compression, how many miles on the bike?
If it's a bike that has not set for too many years without running it should be ok, but you may want to check just in case.
But if the PO had it sitting for more than 5 years(without running), you want to get that checked.
Definately check/adjust valve clearances.
The cb650 is a electronic timing, so there is no air gap to speak of.
Does your advancer unit work properly?
Definately check the float bowls as eurban stated. if there is sediment, you will need to pull the slow jets, and clean them thoroughly(if you can) as well as the main jets/emulsion tubes.
One other question... do you have a manual, and how well are you at wrenching?
If you are mechanically adept, all the adjustments you need to do are possible. If not.... get ready to contact a local bike shop, or hope there is a member here close to you and willing to help you tune that baby up.
You may need to buy a few tools, but 100.00 will buy all specialized tools you should need for a good tume up, assuming you already have a set of metric wrenches and sockets, and a few good screwdrivers.
l8r