There may be rust in the brake caliper(s). It happens when bikes sit for a few years.
We used to run straight 60 or 70 wt oil but I think Mobil 1 V Twin would be better. Maybe call your dealer and see what they recommend for the older bikes.
Check the sprockets and invest in a good O Ring chain. I broke a cheap chain on my Sporty and it took out the sprocket cover.

 

Put syn in that bike it'll leak like a pasta strainer, straight 50 or 60 wt dealer wouldn't have a f**king clue with a bike that old.

Op isn't about the oil breaking down it is about all the crud and moisture build up that accumulates over time when sitting and you just circulated that gunk all through that engine.

Sorry don't know what caused all the goofy type in this was not deliberate.

 

Hope you enjoyed that ride, because stuff like this combined with that rat's nest wiring is gonna make that bike not long for this world.
Not to mention you picked one of the neediest maintenance engines H-D ever made.

 

Well, to be honest, I thought this would be a nice little project. Now, with what I'm hearing and seeing here, I think this frickin' thing is going up for sale!

 

Guy it won't be that bad if you actually take the advice you asked for, keep going this route and you will have a mess on your hands, there's solid reasons several of us have said what we have.

Lot of experience in here use it, it'll save you headaches and money.

 

Ok, since it appears I am in over my head here with this bike, the thought of putting it up for sale is now a reality. Typically what are these barn find, low mileage bikes worth? Any opinions? What's fair?

 

Don't do that, just do all the necessary stuff to keep from hurting her....no more shortcuts. IMHO, I think a well treated Ironhead is a solid motor. I had a '72, a '76 and a '77 and they were all good bikes.

 

I wouldn't do that. That's a pretty nice looking scoot considering it hasn't run in so many years. Please change the oil before you run it again, and start working through all the issues one at a time and you should wind up with a nice bike. Ask for advice here as needed (lots of great experience and expertise here, but you NEED to listen to and follow their advice) and you'll be on your way. There's no reason for you to be "in over your head" here, lots of folks have started out pretty much exactly where you are experience wise and have done just fine. Good luck whatever you decide.

 

Whoa there, relax man... take a breath. It's not the end of the world, and the people here like Twizted are an invaluable resource for what you're trying to do. BUT, it means setting your ego aside, recognizing that you don't know what you don't know, taking your time, and taking advice AND possibly constructive criticism.

Don't bail, man. It's a GREAT find, and if you can get through the rebuild, you will love that bike til the day you die.

 

wow, you manage to get it up and running, congrats, but then say you are over your head?
Sounds like you did ok so far, just keep at it!