Definately replace the timing belts and check valve clearances.
Check the white plug on the wiring between the generator and regulator for melting.
If the bike isn't already running definately do the valve clearances,, valves not closing properly will make it very hard to get running propperly and add in tuning new carbies and it could be a nightmare.
Check the white plug on the wiring between the generator and regulator for melting.