Well, I just wanted to thank you guys for your help. Here is what I found. Because I was taking the tank on and off, I only put a small amount of fuel in. When I was doing my testing I had the petcock turned to 'ON'. Further research on the forums found a post about the low idle circuit being fuel level sensitive and that 'Reserve' should be utilized for this type of testing. I tried this and it worked.
Anyway, I was able to get the bike started and running. It actually ran pretty well with just a bench syncing. I was then able to hook up my new Motion Pro sync gauge, which showed #1 was low and #4 was high. Two minutes of tweaking later, I have a perfectly running, smooth idling '71 CB500.
Thanks guys.
Steve