I had a guy from Seattle stop by a few years ago(maybe 2006) that had put an older air cooled Yamaha WR500(2 stroke) motor into a CB350 chassis. Bike had all alloy body work and he said it was so fast it was scary. He said he rode it all over the Seattle area. I had a pic, but cant find it. Maybe someone in the Seattle area has seen it?? It was easy to identify, as the exhaust pipe was stock.....but flipped upside down and ran under the engine.
I asked him why he didnt use a CR500 motor?? He said he chose the Yamaha, because it had a lighting coil with electrics and he didnt want to deal with getting the CR500 motor setup to run lights. The bike looked amazing with big air cooled 2 stroke motor. Wish I could find the pic........
Keep us posted......i've been wanting to do something like this for along time.