So here's what I went with. All I have done to it so far is to paint the pipe and touch up the frame a little with some Krylon.

I'm a little torn on how far to go with this project. I removed the tail section of the pipe to see if that had an affect on power and it definitely runs better without it. Obviously, I have a banana in the tail pipe.... I decided to do the basics as far as trying to get it to run properly and then I'll go from there.

Jim at Competition Wheels http://competitionwheelsandcyclesinc.com/ is going to do a full once over tune up and install new fork seals and wipers. If it is still weak power wise I'll decide how far to go at that point.