Yeah, even if it was only 8,000 miles I wouldn't be too thrilled. Unless it was stored in a climate controlled space, and sprayed down with WD or the like, Every single movable part and piece of rubber is trashed, corroded, rusted, hardened or otherwise in need of service or most likely replacement. Like cables, tires, brakes, chain, etc. Except the engine should still be in good shape, though the valve guide seals are hard as rocks and it will smoke like a chimney. If it were only 10 years old and still had 10 years of life in the aforementioned parts, then only 8,000 miles would mean something. But at 38 years, well....
You say you'e getting ready to tear it down? That's the best thing. and the engine will be in good shape whether 8,000 or 38,000 (except the guide seals.)
How's that for a buzz kill? Have fun.
PS: The swingarm may not have much play in it. And that could be a good clue. Or it may just be so rusted up inside the bushings can't move anyway.