Trek - Sorry its taken me so long to update the post, I've been pretty busy working on the bike. After the last update, I decided I had enough of that oil drain plug, went to harbor freight and bought a 25" breaker bar + a 17mm impact socket, and busted it off that night ;D
I drained all the oil and decided to clean the filters, so I took off the right crank case cover, cleaned the screen and centrifuge filters, put a new gasket on, and sealed her back up.
Today, I took the alternator cover off and set the points (first time setting points on a bike so I wanted to take my time and learn to do it right, my previous bike had an electronic ignition).
I also went out and got new plugs (NGK B8ES) + new oil (the rotella T6 5w40 you suggested). The bike took ALOT of oil (about half of the big bottle that I got), but I added it slowly and made sure the oil level came up to pretty much exactly on the halfway line on the flat part of the dipstick, so I think shes good. If not, at least my oil plug isn't seized any more.
Then the moment of truth, hopped on, said a quick hail mary, and fired her up! After a few cranks, I got her to fire up and ran her for about 30 seconds. Then at idle, the engine revved and died :-\ BUT, I realized I had the petcock off...haha. Once I turned the petcock on, she started two more times on the first push! Knock on wood I think she's good to go!
Thanks again for all of the help man, I couldn't have done it without you and the other people who helped me on the board. Seriously appreciate it. I attached a pic of the whole bike.
One last question: one of the big projects I want to do this summer is rebuild the forks. Right now, they have pretty much no give, and it makes riding a pretty bone crushing experience. I feel like I can follow the instructions in the service manual you gave me, but I'm not sure whats the best way to prop the bike up to get the forks off. I've read about some people using a car jack under the engine to lift the bike, but I'm not sure that's going to be stable enough for me to work from? Especially if one of the bolts is hard to get off and I really have to give it some force. I've also read about some people attaching straps from a hook in their roof, but my bike sits in a carport and I'm not sure the roof would hold the weight. Any ideas?
Thanks again for all of the help man.