OK Barry,
so i did a static test with a 12v circuit tester ( No i don't have a multimeter), showed timing advanced,adjusted timing.
Reset idle mix screws to 3/4 turn out, throttle stops one turn out.
Adjusted throttle cable / choke free play. 2.8mm was max i could get out of left side,so did 2.8 on right.
Checked valves, hadn't moved in over 12k km
Took her for a spin,WHOA! 4000rpm at idle.
1/4 turn in on throttle stops was the temp remedy for timing purposes.
Timing light showed system advanced, circuit tester close but not enough.
Did compression test right 90psi :-/ left 95 psi. Wet test - 120psi both sides.
Took her for another spin as oil burn-off from the wet test kinda made shed a bit unfriendly for a while and i wanted to see how the idle behaved after the first adjust.
(Also became glaringly obvious that the exhaust pipe nut seals and balance pipe connections were rubbish.)
Tried the manual, plugs out carb balance approach.
Manometer showed carbs way out of balance as a result, reset screw/stops balanced carbs/idle and then cables @ 3500rpm.
Oh boy! is she running sweeeeeeeet, heaps more grunty, powerful, smooth and loud! 4500rpm vibration?

??
She's a different bike. Much better than my first manometer balance.
So Barry and Monte you were right.

Cheers.
My plan is to talk to the local beemer mech re piston rings next week, but for now whats your opinion regarding them? I rode behind her recently on my mates GB500 and she didn't blow any blue smoke even when given plenty of whelly.
And what about the leaky pipes?
I believe the nut can be a bit troublesome to get off, i have a tube of "maniseal" expanding silicone based exhaust system sealer, is that OK for the balance pipe connections? I couldn't see seals in the exploded diagram in the manual?
Cant help but drooool at the thought of an extra 60psi and sealed pipes.
Thanks again for your help.