Help! Open to all advice/resources - My partly restored 85 VF500F Interceptor Valve/Engine Problem

The bike:



1985 Honda VF500F (Interceptor)
Miles: 15,000
Great condition... stock with the exception of turn signals (rear) and the new paint job; I plan on getting it repainted stock as the final step in its restoration.
[HR][/HR]

The biggest issue:

A couple of weeks ago my bike started ticking as I was exiting the freeway... and it became progressively louder over the next week. I did an oil change and added a little Marvel mystery oil, and it quieted some (I'm aware of the debate on additives such as these).
I isolated the noise to be coming from the rear, and took it to a few mechanics/garages.


The shop with the guy I liked the most (tech has 28 years experience servicing bikes at a Honda dealer) is quoting me about $350 in labor if it's just a matter of replacing the cam/rocker arm, but with another $325.00 in parts. I trust this guy's gut feeling on what's going on with the bike after he checked it out. Problem is that if it needs a valve job, we'd be getting up into the $900.00 range. At which point that doesn't seem worth it.


I really love this bike, and I've gotten it pretty far along in the restoration, I just hate that this would be the end of it.


On top of that, it's pretty much my daily driver and I depend on it to get to work (I'm an IT & Home Automation/Theater consultant, so the bike saves me tons of time and gas getting all over--plus its a good conversation starter for my clients)
[HR][/HR]


Possible Solution?:

I've been banging my head against the wall and racking my brain on where to take it, what to do with it, whether I should just sell it--which I don't really wanna do--and buy another bike. I'm on a very tight budget, but I don't wanna let that cause me headaches down the road. I'm pretty mechanically inclined, as I worked in my Uncle's Ford garage as a teenager turning wrenches; I've torn several engines down and back, but that was a LONG time ago, and the lay-out is so different and parts compact on bikes it seems.

I'm daunted and frustrated, but may have a solution where a buddy of mine who is just out of motorcycle mechanic's school may help me tear it down, then bring in the Honda tech I mentioned earlier who told me he will do some work on the side just in case there are any caveats he may be aware of or things he's picked up in his 30 yrs working on 'em that'll save us time/money.
[HR][/HR]

Bottom Line:

I need to get her running properly so I can get to work in order to pay for the rest of her restore!

That said, I'm of course open to any knowledge, advice, assistance you guys could provide from your experience.
I'm also up to lend a hand to some of you local guys around helping you in any way I could with anyone local who is working with bike(s) similar to mine so that I can learn and see it done.

Also happy to barter my professional services in exchange for some more advanced assistance or parts.

So is it worth it and possible to do this on a tight budget? Looking forward to hearing what you guys have to say.
[HR][/HR]
[HR][/HR]


Beyond the engine problem, I've got the following to tackle at some point:

1.) Fork Seals
-Leaking on front right fork

2.) Rear turn signals
-Had to remove them and replace with aftermarket, couldn't find on EBay...
3.) Chain
-Needs to be replaced very soon

4.) Paint on inside of front fairing
-Was not sealed or something? (see pix)

5.) Wheels
-I would like to strip the wheels with airplane stripper, as the paint is flaking...
-I know this isn't fully stock, but from what I've read here in the forums it's the best route to go.

6.) Plastic fuse cover
-Not a big deal but cosmetically not the best it could be...
-Maybe a product to restore it? I understand they're not easy to come by.


7.) Seat Upholstery
-Needs to be done.
-Where should I go and what should I expect to pay?

8.) Right-Side Mirror
-Needs replacement ASAP

 

Before you can make any decision it would be worth taking the rocker cover off and seeing if there is any substanial signs of wear. It is possible you just need the valve clearance reset - it sounds like the noise developed quickly so maybe a cam adjustment has moved? And if that is the case it sounds like you have the skills to do it. There are some very good guides on this forum of how to do this job and just take your time - do it at the start of a weekend so your not pushed.
Also I'm not sure of the additive you have used, but if its a thick gooey one it will add to the problem of getting sufficient lubrication to the cams.

Good luck - it aint all over until the fat lady sings!

 

Thanks, rainman... I'm kinda leaning towards that...