So I ran into a few issues during the holidays. . . but long story short is that it runs!
I let it idle and revved it up, it seemed to have great power and smooth delivery but I won't know until spring when I can actually ride it.
First of all here's a pic of the two shims and multiple gaskets. And the motor installed on the bike.
When I got the motor back on the bike, I wasn't getting any spark. I ordered a new ignition coil, installed, still no spark. Then I took apart the run/off switch on the handlebars, put it back together and voila! Maybe it was grounding itself? who knows?
My other issue was fuel delivery. Kinda like the rappers of today, my petcock had no flow. It was gunked up from sitting for nearly 2 years. I ordered a new OMG petcock from treats and now I have too much flow! JK! but there is an issue with fuel leaking from the carburetor. I'll cut a new fuel bowl gasket and check that the float is adjusted and working properly.
After doing that stuff, I'll move onto cosmetics, brakes, cables, etc. until spring rolls around. I also need to fab up the pipe so that I can get a muffler on the bike without dragging. I'm thinking about cutting it, grinding down to the correct angle and re-welding.