Good points guys! Here some more info:
I am using 120 main jets (original I think is 110 for the K7), Pod filters and the Yoshimura 4 in 1 from motogpwerks. Plugs look as they should, light brown, no deposits, ignition is the original with points which I adjusted recently. When riding hard, I get about 40-45 mpg.
When I take off the air filters and open the throttle, I see that the accelerator pump works and that it squirts gas in the carbs, however i have no experience on how much there should be. I recently rebuilt the carbs completely and didn't find anything wrong. Bike was a daily rider when i bought it.