NICE!!!!! That's a beautiful '70!
You can test crank seals by pressure testing the crankcase. You'll need:
A basketball type hand pump with gauge - I got mine at Sports Authority for $9.99. Something like this:
http://www.sportsauthority.com/product/ ... age=search
A set of HELP brand spark plug non-foulers - these are made to raise a spark plug up out of the cylinder head. You want the shorter ones with a 14mm outer thread from the local Pep Boys, Advance, Auto Zone, etc... Like these:
A long rubber tire valve stem - from the auto parts store
Trim the edges of the valve stem seat with a pair of scissors, stick it into the female end of the non-fouler and seal it with JB Weld. Once it dries, you replace a spark plug with the non-fouler. You'll then need to remove the intake manifold and exhaust pipe on that cylinder and seal off the ports on that cylinder. I use pieces of scrap plexiglass from Home Depot with a dried bead of permatex that's the right size to seal the port and bolt holes drilled to match the ports on the cylinders. Then I refit the intake manifold and the exhaust pipe collar minus the header pipe. Attach your basketball pump to the valve stem/non-fouler that is screwed into your spark plug hole.
Pump up the cylinder to NO MORE THAN SIX LBS of air pressure. The rule of thumb is six PSI for six minutes. If it holds, your crank seals should be okay. Do both sides. Technically, you should do a vacuum test as well but I haven't found a cheap and easy way of doing this yet...
After that, clean your carbs (hey they're loose from the manifolds anyway right?), charge up a fresh battery, clean out the old gunk gas from the tank and see what happens!
There's a full factory service manual available for down load here:
http://www.3cyl.com/~diamondj/
The file is SuzukiT500.pdf
If your crankcase doesn't have a "1400cc" sticker on it, eventually, you'll want to consider doing the oil capacity modification detail on Muzza's site here:
http://www.ozebook.com/compendium/t500_files/oilmod.htm
and the factory service bulletin on this modification is here:
http://www.3cyl.com/bulletins/t3-1.jpg
Otherwise make sure you keep the crankcase topped off at 1200cc's and listen for the eventual whine as 5th and 4th gears start to go away.
Welcome back!
Jim