Thanks for the input guys; I wasn't expecting so many replies . . .
Okay, so I went back to the salvage yard and fork-lifted the thing out of the holler it'd been sitting in and the side closest to the ground was totally rusted through. The forks weren't any good either; didn't take a picture. From what I saw and the unanimous response - it's definitely not worth it.
The good news is I found another one, a K8 in much better condition. The engine is locked, it's missing a seat, stator, field coil and cover - not nearly as much rust on this one. He's
asking $300, no title . . .
I realize there wasn't enough info in the OP, so here is a little background info:
1) Not a motorcycle expert by any means, but not too shabby when it comes to mechanical repairs
2) I have a good supply of tools & time
3) The plan is a complete rebuild, having the engine work outsourced to a local (Alabama) Honda expert - he's charging $1,100 for top & bottom. I'm supplying the pistons, gaskets, springs, valves, etc. The only major engine upgrade for sure is an electronic ignition, I'll consider others only if needed or if cost effective.
4) My budget is not strict, but I would realistically like to keep it under $3000 - don't really care if the bike runs when I buy it because it's definitely going to be rebuilt anyway.
5) I don't want a daily driver or a show bike, but I would like to have the reliability to ride it to work a couple of times a week.
6) Yes, I am
very new to this and consider
all advice
6) Not easy to scare away, so if something is stupid just tell me
I'll have a couple of pics to show you guys when I go back to the place Monday --