The good news was that the motor and transmission was in good shape, with 9,000 miles on the odometer. The clutch plates were stuck, but about an hour of rocking the bike back and forth with the bike in gear and the clutch lever pulled finally broke them free.
The carburator was beyond redemption -- the idle circuit and air bleed were too corroded to rebuild, but an ebay carb took care of that problem. I also replaced the horn, the ignition switch, and one of the rear shocks -- again, using ebay.
So, my instructable is focused mainly on rust and corrosion removal, which took the better part of two months to complete.
Step 1: Removing stuff
I began by removing the seat, gas tank, fenders, exhaust system, side covers, and the rear view mirrors.
The seat was held on by two nuts, and once removing these I simply lifted up the rear of the seat and pulled the front loose from its bracket. With the seat removed, the gas tank (after removing the fuel line) pulled free from its front bracket.
The front fender was held by three bolts, which I wound up having to twist off (too corroded to come loose, even with plenty of penetrating oil). I drilled out these broken bolts.
The rear fender was held on by four bolts, and once removed I could get to the bolts that held the tail light/license bracket. The wire for the tail light unit simply unplugged from the wiring harness.
The exhaust system surprisingly came free without breaking any of the studs that held it on.
The side covers were designed to simply pop on and off, so they came off easily, and the rear view mirrors unscrewed from their handlebar mounts.
Throughout all of the disassembly process I carefully kept track of all loose parts by putting them in labeled sandwitch bags.
Step 2: Preparing the frame
Beginning with 120 grit shop rolls, I sanded every square inch of the frame, then switched to 220 grit. Once all rust was removed, I painted the frame with a rust stopping primer. I used a brush to apply the primer, since I had decided to paint the frame with a hammered finish enamel. I decided on using the hammered finish, since the frame was too pitted for a really smooth finish.
Step 3: Exhaust system
Because of the size of the exhaust system, I was unable to bake the paint on in my wife's oven, so I baked it by periodically running the engine for 10 minutes after the bike's fuel tank was reinstalled.
Throughout this entire "resurrection" process, all parts that had previously been chrome plated were sanded and painted, including the exhaust system. There was simply too much pitting for re-chroming.
Step 4: Tackling rusty rims
I started with 120 grit paper and worked my way down to 220 grit on the rims and the spokes. All-in-all I spent 7 hours sanding the front wheel and 3 hours sanding the rear wheel.
Before sanding the rims, I tried every rust-removing chemical I coudl find (including using cola!). Unfortunately, the rust was just too profound for chemical removal, so I had to do it the hard way.
Once all the rust was removed, I sprayed each wheel with primer, then the hammered finish enamel.
Step 5: Repairing the gas tank
Using a drill bit as a hand reamer, I unplugged the galleys in the petcock, then soaked it in carb cleaner.
For the inside of the tank, I first put a handful of nuts an bolts in it along with about a quart of degreaser, plugged the inlet and outlet, then rocked the tank back and forth and up & down for about 30 minutes to loosen the crud inside. Next I used a DIY commercial cleaning coating process which entailed soaking the inside of the tank in a weak acid solution for 8 hours, then using a neutralizer, then a permanent coating.
After taking care of the tank's insides, I then began work on the part that "shows." I used bondo to fill the four dents, carefully sanding and feathering the filler to the lines of the tank. Then I applied primer, then paint.
While the finaly coat was drying, I used a small knife blade to scrape away the rust from the tank's logo, then touched up the paint on the logo with an artist's brush.
Before reattaching the logo, I applied stair tread (sort of like a rough, rubbery tape) to the sides of the tank for decoration, then screwed the logo back on each side.
I realize this is not exactly how the original looked, but remember -- this is a resurrection, not a restoration!
Step 6: Fenders, side covers, miscellaneous
All removed parts were sanded, primed, and painted.
The side covers were the only plastic items on the bike, and befrore painting I fixed a couple of cracks in one of them using hot glue (on the back side). Then I sanded, primed, and painted them just like the metal parts. The logos on the side covers were cleaned up and touched up.
While parts were drying, I recovered the seat with a seat cover I bought off of ebay.
Step 7: Reassembly
Step 8: New carb
I'm not a motorcycle mechanic, but am reasonably handy with tools. When I began this project I purchased a Clymer manual, which I found indespensible.