My '78 750f sat around for 21 year before I got it. The engine still kicked over but when I got it the carbs were off, no exhaust, mismatched set of plugs came with it. It took 5 carb rebuilds (I only replaced the bowl o-rings) before all 4 carbs ran properly (set them up on the bench with a 1/8 drill bit as a guage). All the jets were clogged shut when I first took them apart. I found some stiff fishing line worked perfectly to clear them all out.
I change the oil twice before I got serious about trying to fire her up.
There was crap in the fuel tank and after two cleanings... well, some s*** was still getting into the carbs. I added a cheapo in-line filter and cured that problem!
I also found that although the points LOOKED fine, and I could set the gap perfectly, they didn't open properly and two of the cylinders were hardly fireing at all. I had another used set and when I dropped them into the equation, the darned thing fired up and scared the crap out of my dog who won't even come near the bike at this point.
After that, I put the exhaust pipes back on.
The story is a lot more involved and has a lot more convolutions that that, but what a rush getting it back on the road again. My first 'real' trip on her is tomorrow. I've got the new reg and title at last and the road beckons...
So, best of luck and have fun. and a beer. How cool you've got a bud to work on it with. I did all my work in the back yard with my wife yelling at me that my dinner was getting cold.... again.