Yeah don't rip her apart yet mate, it sounds like you have yet to put your finger on the real problem.
I tore my partner's GSX400 down to the pistons and the problem was an external part I could ahve accessed without all that grief.
If it runs OK I'd ride it some more, give it a good burst up some long straights (OK if it is an oil supply problem you may cook your engine and do irreparable damage so this is just what I would do)
She could be trying to extrude crud from being laid up for a while, unfortunately you can't remove baffles on 650 Hondas like you can on good ole two stroke twins.
You could remove the pipes and give them a good clean out though, that would also tell you if oil is coming from the headers by them being wet inside.
They should be a nice dry black powder sooty look.