Ya, its been quite a project thus far....lots of nickel/dime items to replace. eBay is a godsend on this type of stuff....at dealer prices and labor rates, I would have $5k in it by now. Just dropped another $190 into Randy's bank account at RPM for a new fuel petcock. The membrane in the original was dried out and weeping fuel.
Appearance wise, the bike was pretty much a mess sitting all those years. Caked in dust, crud, mouse nest back by the tail light, etc. Reflected in the low price. When I saw the mileage and date code on the tires, I knew the bike was original and had potential as long as the engine was sound. I could tell the paint and plastics would be pristine after a thorough wash and wax.
After looking around a bit, I could tell the original owner was an enthusiast and took care of the old FJ.....nice cover (just old), old dusty cans of chain lube, late 80's vintage quarts of YamaLube 10W-40, old cans of wax and polish, a spare air filter still in the dusty Yamaha package, Shoei RF-200 helmet, a pristine service manual came with the bike along with some other odds and ends. There were a couple of nice classic cars for sale in tip top shape. Everything was like it was frozen in time from 1995. The guy died in 1995 and whatever it was, was sudden......a bit spooky actually. The widow had been in a nursing home for the past several years before she died, and you could tell the daughter just wanted to be rid of the motorcycle, cars, and the lot.
So I rolled the dice a bit, and on the drive home, I pulled the truck over for fuel and checked the internet on my phone for prices of used FJ motors....lol.
Long drive home wondering if the engine was siezed/broken. When I stuck the bore scope down in the first cylinder and saw nice shiny oily bores, I bowed my head in a moment of prayer.

Anyway, like you said, safety is the #1 priority, and on an old barn bike that has sat for years, if I'm in doubt even .0000001% about something, it gets replaced....the cost adds up quick!! I have more than $1500 in parts on it thus far. The slip-ons, oil cooler, and forkbrace were nearly $1000, so those were a big part of the bill....but a myriad of little odds and ends to be dealt with.
Like an idiot, I forgot to take before pictures, but, when I post the after pics, the results of my efforts will be evident.
Cheers!