Okay, I just took it for a quick ride.
I pinned the throttle and pushed it through that dead spot, and hit a bit of a surge of power, but mostly it just sputters and runs really badly at higher RPM. After a little while riding like that, the idle stopped dropping and even stayed pinned at around 5k RPM at one point. I turned the gas kill switch and rode it for about 2 blocks before it returned to normal. Seemed to run a little better as the float bowls emptied, but that could've just been my imagination.
It seems strange that the timing could get so far off from one minute to the next, the bike did see a little bit of rain while I was in the shop, but it wasn't very much... just a handful of drops.
Any tips for when checking for air leaks? I'm still pretty new to this... I'm sure the clymer will help me to check the timing though.