Well, some states only require a bill of sale for bikes that old, but personally- no title, no deal.
That's the touring tank. I like them better, but I think the toasters may be worth more. If it's all coated inside, why are you worried about it?
Any bike that old is going to need new parts; Tires, battery (BIG money there), diaphrams, filters, etc. You can get oil filters by Hi-Flo from PU. Get a K&N air filterand reuse it. Check the steering bearings. All the usual. They have great ergonomics for all day riding.