JoeW, thanks for your help - its very much appreciated.
I don't have much history on this bike, other than to know that it has been in and out of a motorcycle repair shop for various fuel line issues, mostly relating to corrosion inside the tank. At that point everything was taken apart, cleaned, and afuel line put on. Issues arose again, and the same thing was redone, this time with the entire tank replaced. So the fuel line should be very very clean at this point.
It was recently taken to a motorcycle mechanic (I have no idea how good he is, but its a pretty simple carb from what I'm told). The previous owner told me he apparently cleaned out the carb and found it full of gunk, and told him to release the far right bottom screw to release the build up crap in there. When I do this, it looks like fuel drains out (I'm assuming its running through the line).
The fuel that was in the tank was pretty old, but likely most of it has been burned - there was very little left when I refilled it a couple of days ago. I saw it running a couple of years ago and there wasn't any smoke then. Its been in a basement since.
I can't pull the plug out right now, but I'll get back when I get home.
Regarding how easily it restarts, I'd say pretty easy. A couple of kicks with the throttle on a bit and it will go.
I'm relying on the oil pump, not premixing.