Hey Guys, thanks for the responses.
The bike is a stock '76 550 K2, except for the muffler 4 into 1.
Duanob, I'm in Central District. I brought the bike to twin line for an initial tune up. Being my first bike, and first engine, I thought it would be good to have a nice baseline to work with before I tried working on it myself. The difference was like night and day, though there was still the outstanding issue of the cam chain that they warned me about. The issue specifically was that it was warn and not adjusting properly anymore, so should be replaced. If they were to fix that too, the bike would have had to stay in the shop for a lot longer. Because of the cam chain, they also were not able to do a completely proper job on the vacuum sync.
I followed the instructions in the clymer to properly adjust the cam chain tensioner. I didn't use any force on the screw though, as I thought that the piece was supposed to adjust itself without force. After I did this (with the overhead at TDC) the sound of the chain got a lot better, thought it still rattles more than I think it should.
I'm beginning to think that maybe the power issue I'm speaking of might be me being too aggressive on the throttle. I've noticed that I don't have a problem when I apply the throttle more slowly.
The picture below shows the points where I believe oil is leaking. The reason I believe it is from these two spots is because I can see when the bike is running a line of "activity" about these seals. Activity meaning some small bubbles and liquid movement. Oil is not currently coming from them like it was though. A week ago there would be oil residue on the cooling fins on this side of the bike, but that residue has dried and not returned. I have checked the oil level multiple times and it reads good, just below the top line.
Thanks again for the replies guys, this site is a great and sometimes overwhelming source of information