TOPIC:

While still soaking in MMO, I checked the valve clearance in mm:
Exh: .009 - .007 - .008 - .010
Int: .003 - .002 - .003 - .002

The Service Manual states the correct clearance is 0.08 ~ 0.18, so I'm real tight. It looks like I'll be adjusting the valve clearance with the correct shim. I need to identify the current shim on the valve and see if I can get a smaller one, or if I'm looking into the valve seats.

Deeper & deeper I go...

You might want to check your feeler gauge I believe they are in inches.
 

Thanks, Richard. You just saved me wasted time & money and possible engine damage.

My feeler gauge has two numbers - one stacked on top of the other, stacked on "MM." I didn't think through why...

So, to translate:
Exh: .229 - .178 - .203 - .254
Int: .076 - .051 - .076 - .051

The Service Manual states the correct clearance is 0.08 ~ 0.18, so I'm tight on the intake, mostly floppy on the exhaust. It looks like I'll be adjusting the valve clearance with the correct shim. I need to identify the current shim on the valve and see if I can get a smaller one, or if I'm looking into the valve seats. Maybe I'll get a metric-specific feeler gauge first...

Deeper & deeper I go...

wrote:

Thanks, Richard. You just saved me wasted time & money and possible engine damage.

My feeler gauge has two numbers - one stacked on top of the other, stacked on "MM." I didn't think through why...

So, to translate:
Exh: .229 - .178 - .203 - .254
Int: .076 - .051 - .076 - .051

The Service Manual states the correct clearance is 0.08 ~ 0.18, so I'm tight on the intake, mostly floppy on the exhaust. It looks like I'll be adjusting the valve clearance with the correct shim. I need to identify the current shim on the valve and see if I can get a smaller one, or if I'm looking into the valve seats. Maybe I'll get a metric-specific feeler gauge first...

Deeper & deeper I go...

Are you following the factory manual cam positioning scheme before measuring?

Yessir.
"T" and "Ex" arrows pointing front & rear. There was an extra arrow that threw me at one point...

The shims are located underneath the tappets, so you will have to pull the cams off in order to remove them.  They should have numbers on them, but even when they do I usually mic them to ensure I know the thickness.  I'm currently in the middle of setting up my valve clearances and am waiting for a few shims to arrive from Partzilla.  

I have had the luck to get two full sets of valve shims (13,0 and 7,5 mm) for 100 Euro. Makes your valve adjustments easy-peasy in no time.

 

I got the shims out, and measured them as well.

Exh. 1-4 shims: 255, 255, 245, 245 - measured at 2.56, 2.53, 2.45, 2.45
Int. 1-4 shims: 270, 270, 270, 270 - measured at 2.68, 2.71, 2.71, 2.70

Measuring seemed harder than it should have been. There's a visible wear spot on the shim where it contacts the valve. It's visible only in that it's a circular spot. I cannot tell on visual inspection that the shim is dished at all. I tried to account for this by using a Lego with the stud in the spot (zeroing out the caliper on the Lego and then measuring the Lego & the shim). However, every time I used the Lego, I came out .02mm more than if I just put the calipers across the shim (disregarding the spot & possible dish).

I remeasured the valve clearance using another set of feeler gauges prior to going after the shims. Between the two sets I have, I came up with the following numbers:

Exh. 1-4 Valves: .20, .18, .30, .25
Int. 1-4 Valves: .07, .05, .07, .06

I suppose the next step is to order up the shims according to the chart in the service manual (page 16!), then turn my attention to the carbs. The plan thus far is to reassemble the top end, reattach the carbs (with new rubbers to the engine), see if she runs, and if I can get compression back.  I'll see where I go from there.

I appreciate your input. Thank you.

 

The best thing I ever did was buy a METRIC feeler gauge set. No more complicated math that would cause even Einstein to pick another profession.
After the adjustment, if the engine runs strong with no burning oil or bad noises, don't bother with another compression check for at least a year. Only then, if the engine continues to run right, still don't bother unless you feel like tearing into it.
Sometimes you just don't want to know.

Sometimes valves will not seat fully if the engine has been sitting awhile. Since you have at least some clearance on all the valves, I would run the bike for 100 miles or so, then recheck clearances. Similar to the low compression advice. I know it would be easier to do it now, but you may be redoing it in a hundred miles anyway.
Whenever I pick up a non running bike, I do the bare minimum to get it ridable. Then after a good "break in" comes the real work of getting everything right.

It's unknown when the bike last ran. I suppose from here, I should go through the carbs/fuel system, button up the valve train as is, then try to get it started.

If it runs without sounding like hells bells, I'll put some miles on it before I delve into it further. If, on start up, it sounds like the valve train is rattling itself to pieces, I'll look more into the valve train.

Thanks.

Wow. Time flies.
On October 30th, she fired up. 
It likes to burp out of carbs 1 & 4 at higher RPMs, but only revving. It's getting cold in the northeast, so putting some miles on it may have to wait.
But, it's a runner!