The timing was slightly off, but all is working well now and the bike fires up nicely.
I did a compression test to see if this was part of the overall problem and I got results of 55psi on the left and 80psi on the right.
I checked this by removing the 3 pin lead under the front cover, removing the spark plugs and then fitting a compression tester to each cylinder whilst cranking the bike for 2/3 times.
From memory the PSI should be over 120psi at least, so this is a little concerning.
Firstly I'd be buying a new compression tester. Whilst an R65 engine might run with 50~60 psi compression, you would need ether to get it started.
Whilst I applaud the thought that went into disconnecting the beancan, that didn't really stop the coils from being charged up - next time simply disconnect the positive lead to the coil - which as an added bonus, does not require the removal of the front cover :-)
In respect to checking over rings etc, my question is "how well known is this bike to you?". If it is an unknown that you have just restored to life then I would have checked valve guide clearance, had a look at valve sealing and, give the relatively low cost, probably thrown new rings (and if an iron bore a de-glazing hone) at it because then I could restart the "counter" to when I next needed to look.
On the other hand, if the bike is known to you and the distance since last top end refresh is around 50,000km (30,000m) then I'd do the top end refresh irregardless of inspected condition. OR, if it is more than 5 or 6 years since the heads were last off irregardless of mileage.
It may be because the wife's original R65 engine was destroyed by dropping a valve (at 60,000km and 9 years since new) or that my own R65 came to me as a result of dropping a valve (at 52,000km and 10 years) but if I take the heads off an airhead these days I replace at least the exhaust valves - they are cheap compared to new head/piston/cylinder and although I have no "proof" I reckon combustion tempos are a bit higher on unleaded fuel.