Picked it up Thursday and by Saturday I had it running well enough to go for a slow ride in the driveway. The bad news... It was stored for almost 25 years. The good... Looks like Uncle Jerry intended it to be stored long term. When I pulled the plugs they were all just hand tight and had anti-seize that looks like it never got hot. I used some Marvel Miracle Oil in the cylinders just in case. The motor turned free right away when I tried. The brake fluid had been drained (or leaked) out and the callipers were loose and not in contact with the rotor.
What I've done so far:
1. Replaced the battery
2. Did the Miracle Oil in the cylinders thing,
3. Put the front brakes back together, filled and bleed.
4. changed oil and gas
5. Pulled the carb bowls and cleaned them.
6. Pulled #2 carb bowl again and freed stuck float.
7. Pulled the ugly (broken) Moto Trend ferring.
8. pulled the matching huge trunk thing off the back.
9. fired it up.
10. road two laps slow in the driveway.
Minimum before it hits the road:
1) needs a headlight and signals up front
2) needs tires
3) need to go through the carbs
4) need registration and insurance
My plan is to ride a little this summer and go completely though it next winter. I'm going to try to keep it pretty stock.