yes, it's running like a champ. turns out it needed a new stator, and other ignition things probably, so now it has an ignition system from a xl125 which doesn't require a battery to run. now the batt just supports lights and horn. expensive fix, but hey, old bikes....
when you open the cover, there certainly is oil, so it's a messy job. i propped it up fairly vertical to minimize the spill-out while doing the timing and put a pan under it. still, some oil kicked around the garage, but nothing too bad. once it's vertical (put a block under the side stand) the oil stays pretty much in the bike.