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I was given this bike a month ago and have made some progress since then. After sitting for 20 years,the last ten in the sun under a pine tree I had my work cut out for me.
The carb had been left with no filter element and unleaded fuel with alcohol in it. The carb was badly plugged which took several hours to clean. Corrosion from the alcohol was fun to remove.
I had to test the engine and see if it would run. The speedo show only 460 miles on the bike. The engine has good compression and no wear in on the cylinder walls ( endoscope used). I was able to start the engine by squirting gas/oil mix into the carb ( all fuel/oil line long rotted away)
Tank had very slight rust in it. Lots of goo from old gas. I solvent cleaned the tank and them acid treated the insides and all the rust came out. 
Only problem is the oil tank cap is loose due to the rubber. A new one is hard to find and expensive.
I added new fuel/oil lines and an inline filter.
Fuel valve is clean and free to turn.
Battery is new. I used expanding foam to make a new battery/ignition "tray". Not as nice as Styrofoam from Honda,but it works.
All of the control cables were rusted and bound up. Soaking in Kroil freed them all up but their too far gone to be safe.
A fellow in England sold me a whole new set of cables made in Japan. All are OEM quality and fit perfectly.
Tires were rotten. A real shame as they looked almost new. I got two new tires and inner tubes and put them on the rims. Rims are like new ( very dry here)
I had to replace the left hand handle bar switch/brake control as the support for the rear break cable was shattered.
Wiring is in very good condition. I was surprised how well it has survived all these years.
Every bulb/lamp was burned out. Common problem I'm told. All have been replaced with LED's  except the headlight( there isn't one yet,LED) so I got a replaceable bulb type.
The plastic parts on this bike are very dry and brittle. I've soaked them in water for a few weeks which seems to have helped. The headlight bezel and bucket were broken but were repaired using JB Weld.
The air cleaner housing is beyond hope. I got a clamp on air filter.
The kick starter lever would not return by its self. The return spring had jumped the retainer. An interesting repair.
NOS Honda seat.
I'm slowly putting all the parts back together. I'm hoping to have it on the road soon.



   

My headlight is burned out.l I see several for sale with replaceable bulbs that have an increased wattage from 15 to 25.
Have any of you bought these new type headlights and had any problems with them? Fit,current draw or switch problems?
I could not get the search function to work.
Thanks

Shoe-Goo is amazing stuff and can easily peeled off if you do not like it.
The problem with most covers are there is is no provision to adsorb shock. I would add a rubber cushion between the cover and the mounting bracket. 1/8-1/4" will do wonders to help dissipate shock.
If you do not have room for a shock absorbing spacer, try to find a can of "Vinyl-dip" ,the type you would dip pliers handles into. It dries to a very tough soft plastic covering and will help dissipate shock as well. The coating will last for decades.

I would like to pass on a trick I was told about today that I tried and it works very well indeed.
My Honda NC50 Express carb would not turn off fuel when the bowl was full. No amount of cleaning helped. The needle valve could not stop the flow off fuel.
I was told to try a Q-Tip with a mild abrasive compound in a slow drill motor.
I tried this using a small dab of Valve Grinding compound. You could use Chrome Polish, Toothpaste or Bar Keepers Friend as a mild abrasive.
I 'polished" the valve seat for two seconds.You cannot use too much pressure as the Q-Tip stem will bend and break.
In that short period of time the valve seat was shiny and perfect. I washed out the seat with Brake Cleaner. I filled a small gas tank with distilled water and raised it five feet above the carb via a gas line. The bowl filled and shut off perfectly. Problem solved.
If you need to clean/re-seat your carb float needle vale,give this a try it really works. It may save you $$$.

I wrapped the battery in a plastic bag/tape and smeared silicone grease over the plastic. I set the battery in the "divot" at the rear of the seat stamping and filled around the battery with expanding insulating foam.* I let it set up 24 hours. The battery and plastic/tape slipped right out of the cured foam. The battery is now held well and is padded. I will do the ignition coil next. It is very easy to do.
*Any excess foam can be trimmed with a box knife or hot wire cutter.

It has the fixed jet. The float valve will not stop leaking past the seat.
I contacted the seller for the China carb link and asked if he will sell in the USA.
I'd love to find the 15 buck intake,but I'm not paying 60 bucks plus shipping for a new intake and then an expensive carb.
Searching on this site is "interesting" to be sure.
I will not be using the bike for everyday travel,just for fun.
Thank you so much for the link and info. I do appreciate it.