Great bike! I love it when the pin striping on those Newports is still intact!
Carb rebuild kits are cheap and easy to do as you could probably tell after disassembly. You might be familiar with the larger Bing cousins if you ride a lot of BMWs too.
The stock cylinders are surprisingly resilient so you may only need to polish the bore and swap a new ring in, depending on what exactly is going on in there. The main thing is not to damage the crank, as that is more difficult to replace on those 2 speed engines. In fact I'd personally probably cut the damn cylinder off before risking too much stress on the crank with the wood/hammer method, since stock cylinders are basically free they're so common