I think you have a good grasp on where to start..
Adjust valves and get your hands on a compression tester and check it.
I assume you changed the filter also..I'd run it a while and change it again!
You'll get more information on how to proceed this way than from us!
Last edited by dougspcs; 12-30-2012 at 10:53 AM.
Current toys..
1986 Honda 350X..trail bomb!
1985 Honda 250SX..my main mudder
1985 Honda 250ES..Back in Black Trike
Current non-trike toys:
1990 Honda TRX300FW
1995 Seadoo GTX
1998 Polaris Indy Lite 340(Nearly new looking)
1998 Polaris Touring 500
1998 Club Car (electric)