So I adjusted my valves last weekend because I was hearing some ticking, and now the bike runs like total #$%*. First it developed an exhaust leak (still have yet to find it), and then it sounded like it was detonating like crazy. I adjusted the timing, set the points, and it seemed to get a little better, but there were still the pinging sounds. I was so nervous about the harm I could be doing to the engine, that I just parked it at work and drove a car all week.
Tonight, though, I figured I would take her home since it was the weekend and I'm planning on tackling the problem tomorrow. Then, in the lot, I noticed this:

It's a totally shredded foam pod filter. And there was melted something-black all over my kick start lever and side cover. And my right pant leg has been smelling like gas lately.
Could I have been misinterpreting the popping noise as detonation, when in fact it was a backfire? The noise gets is worst around 6k rpm, and, up until that point, increases with revs. Thing is, it was running fine before; could I have caused it to backfire by adjusting the valves and setting the points?
And oh yeah, the ticking is still there, and I'm 100-percent sure about the valve clearances: Engine was cold, triple-checked everything.