Camelman, I would like to add here that as far as the air screw, 1.5 turns didn't work for me, too lean. about 1 turn is money, try that. I had the same burbling. I have found two different specs

on the air screws for these, one being 1 turn +/- 1/8 that works. Try that.
Doesn't work:
http://www.motorcycleproject.com/motorcycle/text/specs.html (is this for a pilot screw on the engine side - newer carbs??)
Works:
http://forums.sohc4.net/index.php?action=dlattach;topic=5410.0;attach=3002;image (intake side - old carbs?? guessing here!)
Plugs are tan after a warmup run and idle chop.
I know that this shouldn't affect upper RPM but once I did these things and got the fuel levels in the bowls right. it smoothed right out across the range.
One of my floats was off. I pulled it again and it would seem that the spring in one of the needle valves is weaker than the others so the angle I had the carb bank on was compressing that valve as I set it.... float ended up too low so that cylinder was starved for fuel... be careful that each float is just contacting the valve when setting it.
FILTER!
Timing. I had the same problem as you, setting my timing, I ran out of room. After playing with it for an hour, back to the laptop. After reading this:
http://www.motorcycleproject.com/motorcycle/text/sohcign.htmlI noticed the part about eliminating the free play (slop) in the plate by "peening" (see the drawing at the top of the article) the mounting bosses gently so they grip the plate and there is resistance to turn it. I first rotated the plate counter clock until at a quarter of the adjustment range, then gently tapped the bosses with a drift and mallet until it was snug.
Proceeded with gapping and timing and the timing was pretty much dead center of the slots. Advance is perfect as well. Took about 5 minutes to time it! That free play in the plate is a nightmare and now it is permanently gone. Other tips on this forum suggest using a bent feeler gauge held under one of the screws to fill the gap at one of the bosses to prevent the slop. if you are hesitant to bang on the bosses, this will accomplish the same thing.
Here's a pic of an alternative peening of the bosses that someone did with a punch.... the little dimples on the bosses:
http://forums.sohc4.net/index.php?action=dlattach;topic=71538.0;attach=118118;imageUse OEM "TEC" points only, I have no experience with Diachi, but there is enough info and analysis here that they suck! Listen to HondaMan and TT........ run away!!

I am a noob and reading what these two gentlemen have to say has ended up with my 500 running like a top! I have no vac gauges but the bench sync seems so close that I can ride with no issues. Not optimized but still very good.