I have this same issue with my 85 VF700F and I have traced it to my kill switch beleive it or not.... Do you also have an issue just getting it started? Here is what I noticed... Go out to start machine... Turn on key hit kill switch to run... Try to start... nothing... turns over... then as your trying to figure out why the hell it wont start the RPM guage wigs out and sometimes a sound of a 12 guage shotgun going off will occur... you turn it over and boom it starts perfect... As a experiment I started killing the moter by only using the key and never using the kill switch and Have never had a hard start since and never had the sound of a 12 guage shotgun either... I suspect there is a complex set of contacts that kill iginition and alternator power inside the kill switch and the contacts are probably coroded.. I'm looking on ebay for a newer one or I will atempt to disassemble and clean the contacts once the weather gets a bit warmer.
i had that issue a year ago then the motor started spiting and sputering running then black smoke started pouring out the exaust and it would try to start but has not i have had a problem with the start butt smoking and head light turning off while riding at night ohh what fun but buypassed switch for now have not checked kill i adjusted valves checked pulsers 460 ohms each good compress switched out boxes the only thing i have seen is if u unhook the box whith the red connector the extra spark dissapears that side of the system controls the fuel cut relay and kill switch and bl/w to the coils