2011 December 20: Fluids, hoses, breather, and cables.
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I drained the oil from the rear drive, transmission, and engine. After draining the engine, I pulled the sump for a thorough cleaning (the sump was exceedingly filthy inside, though the rest of the crankcase appears clean). I replaced the oil filter and also ensured the oil pressure relief valve would blow at 60 PSI. Amazingly, it was right no target and didn't require any clean-up.
I filled the engine, transmission, and rear drive with fresh fluid. My plan is to perform several quick rounds of warming up the engine, transmission, and rear drive, then drain and replace with fresh oil.
I replaced the high pressure hoses that feed the cylinder head. A previous owner had already replaced the original hoses (which are prone to leakage) with rubber hose and hose clamps. I replaced the rubber hose with transmission oil cooler line and new hose clamps.
I removed the original air filter contraption and replaced the breather with a V7 Sport/850-T/Le Mans style breather from my stash of parts.
I replaced the old, frozen throttle cables with a pair of new cables from my stash of parts.
I set the valve clearances to factory specs.