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ed spangler wrote: Welcome from East Tennessee!
From your avatar, I take it you are either in the USMC or a Veteran, either way, Thank You for your service!
You will find a lot of good information on here!
Ed

Yes sir, did 5 years in the Marines, was stationed at camp pendleton, CA for my last duty station. Definitely miss riding out there!

CoxUSMC wrote: Put the carbs back on today and I guess one of my floats was still stuck, now there is a big puddle on gas under the bike and I broke the petcock lever in the process! I really don't want to have to check the valves so i guess I'll get a compression test while I'm looking for a new petcock and waiting on a new ignition...

A valve adjustment is part of a tune up before going to the carbs. If run too tight, burned valves and a poor running bike will be the result.
Steve

This is a good resource for parts and information. I've done business with him too. Look up Old Kaws Never Die Cranks.
Steve
www.oldkawman.com/

CoxUSMC wrote: Put the carbs back on today and I guess one of my floats was still stuck, now there is a big puddle on gas under the bike and I broke the petcock lever in the process! I really don't want to have to check the valves so i guess I'll get a compression test while I'm looking for a new petcock and waiting on a new ignition...

The gas puddle may result from a float valve malfunction which is allowing excess fuel to escape through the carb overflow circuit.

While the engine is idling (with gasoline escaping through the overflow), sometimes it helps stop the overflowing gasoline by rapping sharply and repeatedly against the carb float bowl with a plastic hammer or plastic screwdriver handle.

A compression test won't reveal a too tight valve that's barely sealing when cold but which will leak at ordinary engine operating temperature. As known, valve leakage while running may result in burned valves and seats.

Good Fortune!

So I checked my valve gaps, most were at the minimum of .05 mm (some +.005), 3 others were at .075 and .08 mm. This engine has sat for 20+ years, so my question is is this normal for it to still be in specs or should I recheck after I get some miles on her?

They can last a long time but I would suggest adjusting them in the middle of the range, then checking after 500 miles. I typically will check mine every rear tire change or sooner if I think I should.
Styeve

Roger that, that is what I figured, do they typically get looser or tighter with mileage? I did a quick search, and have read they get tighter, but I would assume the opposite is true...

I can say that on the KZ650 engine the valves can need very, very little adjustment. I've owned my 1977 KZ650-C1 since it was new and it now has abut 60,000 miles on it. I have only changed 1 shim and that was at 500 miles in order to set the clearance in the center of the range. I have read that clearances generally get tighter over time, but the clearances on my engine tend to vary slightly looser or tighter within the acceptable range. Ed

Depending on how it's ridden. I ride my bike hard so I'll check them more often. If they're getting looser, that's carbon build up or abnormal wear.
Steve.