Good news - got the bike up and running today. Just needs some tweaking on the carbs. Was riding it for about 30 minutes or so. Bad news - as I was putting it away for the evening, I noticed that gas was running the right side. Turns out the side wall on the lower right corner had rusted through. Started as a small pin hole and now is about 1/2" long by 1/4" wide. Is it possible to repair a hole that size? Or would I be better off trying to find another tank? If it is repairable, please list ways to do it. Thanks.
My pervious owner told me that my tank had a pinhole leak. He got the thing professionally lined for cheap I think.
Finally have an update. Finally found a replacement tank from slickdizzy here on the forum. Also found out that gear shift assembly was all messed up. Got a replacement, again from slickdizzy, and noticed a world of different in how it looks and how it behaves on the bike. Nice and easy shifting. All that's left to do is the final tweaks of the carbs (idle adjustment, syncing, etc). Took the bike on a test ride and it was so much fun. I've been waiting for almost 6 months to ride it. Gonna ride it to work the next few days.