Thanks for the suggestions! You guys obviously knew what questions were coming, didn't you?
I didn't much chance to look it over this weekend, but I did pull off some of the completely dry-rotted fork covers, and found no pitting underneath. There may be pitting up higher, but not where it really counts, so got lucky there.
The spokes are a write-off, and I'll have to lace new ones on. They're pretty pitted. The rims are a little crusty, but I bet I can buff them out, no problem.
I took a look under the seat, the wiring didn't look too bad, and I didn't find any mice nests.
I also hosed down a lot of the bolts with Liquid Wrench to let them soak for a while.
Thanks for the suggestions about the oil in the cylinders. Marvel Mystery Oil is pretty easy to find here, so I'll get some of that tonight.
Rosko, I'd be interested in the tank, you can email me at yahoo, same user name.
Were there a lot of differences between the CB450 and CB500/550 regarding engine internals? They're both DOHC and they look exactly the same from the outside. I better get a manual for both, I guess.
Do you guys recommend that I tear the motor down completely? How hard is this motor to disassemble? Am I gonna need a press to split the case?