Not too bad a place to start, but the things I see already are rust in places you don't need rust - like the brakes and spokes. Mufflers look like they have been gutted, so they will probably need to be replaced.
The footpegs and brake/gear shift levers need top be fixed. I'd probably start with stock OEM pegs and levers and stock type bars to get things going. The carbs appear to be missing filters and airbox, and that needs to be replaced if it is to run properly.
Carbs are probably full of corrosion and or the remnants of old stale fuel, so they will need to be stripped and cleaned.
Plugs and points will need to be cleaned and/or replaced and all electrical connections and switches will need to be examined. I see wires that don't look connected and a new regulator under the seat, that may be a good upgrade or may be all wrong.
Nothing serious so far but it will need a methodical approach to get it running right and safe. Don't start ripping it apart because it's way too hard to put it back together. Get it running first.
That rear brake looks rusty and the wheel should come out to replace the brake shoes because the linings fall off when left to corrode.
I would probably start with a check of the points and timing and then clean teh crabs out and then look at the wiring. I would do that as a part of an end to end examination. Start at the front end and work back listing everything you see that looks like it might benefit from some attention.
Of course all this assumes that there is a title for it. Without a title it's a parts bike at best, so start with the paperwork.
Fortunately there is a wealth of knowledge on here on Honda CB360s - yes it's a 360 and not an older 350. But what's the story? It's all about the story. That bike has a cafe race seat and clubman's bars and old megaphone exhaust which suggests it was a cafe racer, but missing footpegs suggests it never made it back on the road. Interesting little project.
