1- Get a compression test done
2- If compression test is OK (over 100 psi), you may try to find parts such as a carb rebuild kit, new tires, brake parts, muffler. It is useless to try rebuild and adjust a carb if you don't have good compression and sound muffler. You should also add a fuel filter on your gas line.
3- If compression test fails, it becomes a labor of love, because cost of parts you will have to order at high shipping cost from all over the world (major Honda vintage parts vendors are in UK and Netherlands). Cost of rebuilding such an engine is very high. If your frame is near mint, it may be worth the trouble. If your decision is to continue, get a shop manual in a hurry (Clymer's, Honda, or both) before you start spending on swapping parts.
4- Have a look on Ebay and check ASK used motorcycle parts vendors for complete engines if your fails, before you abandon. My engine failed and I was able to keep my CM400T 1980 on the road with a spare 1979 twin motorcycle I purchased for parts.
Good luck !
Martin
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There is nothing like riding a Honda MC !
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