Had a pleasant surprise this morning. I pulled off the points cover expecting all kinds of horrors, but it looks nearly brand new! I can only see evidence on a couple of screws of ever being turned. The cam is perfect.Lightly lubed, no pitting and no signs of wear. Just some burnish marks from the phenolic followers on the points. Points look great with no pitting or arcing marks. I am beginning to believe the 3,240 on the clock is accurate. Another thing I noticed while looking everything over is all the original S bolts are still on it. WOW! Finding a 38 year old unmolested bike is like a pipe dream coming true.
My only wish is that some PO hadn't painted the motor black. Still don't know how I'm going to deal with that. I'm almost sure it was done with a rattle can as most everything below horizontal is unpainted. I believe it was painted in he frame because I can detect over spray on the down tubes on the front.
Underside of the bike is very dirty, but it is dry so that's good.
What puzzles me is why the master cylinder decomposed so badly. The condition is horrible and the piston seems to be frozen. The cup is dryer than a popcorn fart (sorry, that's how Okies describe dry beyond belief). I took the brake hose off at the MC and opened the bleeder on the caliper. I used very low air pressure in the hose at the top. Clean brake fluid came out of the bleeder so hopefully the caliper is OK They are easy to rebuild if not.
Check out this MC. It's for sale if anyone is interested

I was born with nothing and still have most of it left.
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1978 GS1000C
1976 GT550 ongoing money pit.