Hey! Congrats! I bought me cb350f for 150 bucks on craigslist.....I'm pretty sure you are better off than I was. I'll throw out my own 2 cents for your questions. Check out my blog, I detailed the whole build.
http://cb350fcafe.blogspot.com/ANyway, on to the questions:
1. Issue with compression (waiting to get the bike back from my friend - first project is a valve adjustment, which I hope will improve the compression).
- How bad? How far offf are the readings from stock? A few PSI isn't always worth tearing the thing apart, im my opinnion.
2. Assuming wiring issues - blinkers and horn do not work properly, kill switch and push button starter have been disconnected.
Clean all the deutch connectors and all connections.
3. Stock air filter system has been semi-removed. Needs lid to air box, new filter, and manifold reattached. Previous owner fitted pod filters, but didn't rejet carbs.
#85 jets and 4 cheapo pods. I ran a 4-2 exhaust....it ran perfectly.
4. Previous owner swapped stock bars for clubman bars - the cable set up looks a little squirly, housings look questionable, nervous about the condition of the throttle, clutch, brake cables, probably gonna replace. Debating on keeping the clubmans or replacing with stock style bars.
if you arent completely sold on clubmans, do to a drag or OEM bar....the clubmans are ....a little uncomfortable if you are over 5-9 on that bike.
5. Missing center stand, rear brake light switch, license plate holder.
I scraped my center stand.....really wish I didn't. The look was strictly cafe...but having that center stand is nice. As far as the switch...I bought my new one on ebay fro 17 bucks. Do a side mount licence bracket/tail light.....I think it looks nice.
6. Needs new tires.
-Coker tire, check them out!!!