Well folks I've finally fixed it, the bike lives again!
It turned out to be a combination of something very simple hidden behind some red herrings, and my lack of experience. I shall relate it here at the expense of looking foolish in order to complete the puzzle and hopefully help some others out there if they come across similar symptoms.
To recap: Symptoms = difficulty starting; when started, revved too high, wouldn't idle, lumpy running; backfiring; firing on one cylinder; overheating; rapid bluing of exhausts.
Red herring no.1 = broken pick-up brush lying in bottom of mag and black deposits on slip ring. This led me (after cleaning the slip ring to no avail) to strip the mag down to change the slip ring, which then led me to think I may as well get the mag rewound with a new condenser whilst its off. Three weeks later the mag is back from Mr Tony Cooper. Hurrah.
Mag fitted, complete with new slip ring and brushes. Engine timed to 5/16" BTDC. Starting procedure gone through, kicked over several times: not a whisper. Rechecked timing; it had slipped to about 0" BTDC. Oh no, I think, taper on timing pinion/mag end shaft not gripping. Decided to check through everything. Noticed points plate centre bolt wasn't tight and points were a little under 12 thou". Took out points and reset to 12 thou". Checked movement of adv/ret lever and cable, this seemed OK, so set back to fully advanced. Then accidentally knocked the handlebars and saw the cam-ring move a little more in the advanced direction: cable was sticking, so I hadn't set the timimg on full advance.
Removed cable and lubricated it and refitted. Reset timing on full advance and tried a start up. Fired and ran on 5th kick. Ran like a pig with exactly the same symptoms as it had before the mag rebuild!
In the meantime I had ordered some new plugs; Champion N4C's and thought I'd give those a try. Tony Cooper had sent rubber plug caps and advised I use them instead of the plastic (unsuppressed) ones that I had. SO, I fitted the new plugs and plug caps and tried a start up again: same problem except that it was running more obviously on one cylinder (the right hand one), although both header pipes were still getting red hot. Checked timing again, it was OK and hadn't moved (thank heavens), removed plugs. Right hand side plug looked OK, left hand plug was fouled with sooty deposits.
OK, so I was making progress: timing was correct and left hand cylinder wasn't firing properly. Right, I replaced the left hand HT lead and pick-up. Started it up: no improvement. OK, so it is no longer looking like an ignition problem, and why the high revs and lack of throttle response?
I had a read through the old posts here on fuel and carby problems and decided it MUST be an air leak or blocked up pilot jet or something similar. OK, I decided to strip down the carby. I unscrewed the pancake air filter and checked (again) the throttle cable and slide and air slide for free movement.
I then noticed that the slide was moving freely enough but when it was 'at rest' there was quite an opening under it. I had no idea how much of an opening ther should be so checked some Amal diagrams I had. It looked a bit too wide to me so I tried unscrewing the throttle stop screw, but nothing happened.
I then noticed the inline adjuster in the throttle cable. It was unthreaded quite a bit. So I threaded it in and watched the throttle slide decend to around an 1/8" opening. I then recalled that way back at the end of the summer of 2009 I'd fitted a new twistgrip.
I still thought that this simple matter couldn't account for the misfiring, overheating, running on one cylinder etc. that I'd experienced, although it would account for the difficult starting and high revs. I was going to continue with carby strip down anyway but then stopped and thought, no, one thing at a time.
So, I screwed in the throttle stop a little way and put the air filter back on. Went through starting procedure, kicked her over....and she fired and ran beautifully. On both cylinders, no overheating, no misfire.
What do you think of that?
Terry