Project Zutsu, Day 1 and 2 (8 hours invested)頭痛(Zutsū) - Japanese: Headache

Yesterday: Been on the market for a project bike for a while now, don't know why. I don't have a wealth of skill, time, or money but I want something to tinker with. I need to learn more about motorcycles but I'm too afraid to do anything drastic on my Bandit (aka #1) but with a project bike I have nothing to lose!
Specifically I was looking for a early 80s/late 70s bike for three reasons.
1. Simplicity - These are bikes created before bikes started having complex electrical systems, computers, fuel injection, etc. It has a motor which has some gears, and they're all connected with straightforward wires and mechanical connections.
2. Style - I've always thought these bikes were just cool looking. Very simple, no plastic fairings, no stylish fames, just a bike. Additionally, these bikes are great for doing a cafe racer/street fighter style build (see below)
3. Cost - These bikes are depreciated to the point that they're priced slightly more than they would be worth as scrap metal. With that said I think I overpaid. The kid was a college kid so I felt a little bad and I also had no idea how bad the bike was when I got it (more on that later).
TodaySitrep:
Condition is: NOT GOOD
1. Bike is leaking fuel wildly. The fuel petcock has a torn seal and is dripping fuel at a pretty drastic rate. Overnight it looks like it lost a 1 to 1.5 gallons of fuel. In addition carb 3's float seems to be stuck in the "full-on" position and is just dumping fuel out the overflow tube. Also need to change the oil and see if any gasoline got into the engine.
2. Engine does not rev beyond 6.5k rpm. Seems the carbs need to be cleaned, possibly rebuilt.
3. Chain looks and feels like one solid piece. Not sure when they were last cleaned, lubed, or replaced. Going to start with cleaning and then move to replacing if need be.
The Goal:
Projects have goals right? This one does too.
Short term goal: Get the bike into decent running shape. This means I need to rebuild the fuel system, clean the carbs, and probably replace the chain/sprockets.
Mid term goal: Get the bike running strong. Possibly look into doing some stylistic tweaks beginning with lowering the handlebars. Also consider repainting the frame and body panels.
Long term goal: Build this bike into a cafe racer/street fighter style bike. This is one gorgeous example:

But here's where I am...pics from today
The source of all my ails, the leaky petcock. While removing the gas tank and removing this sucker I spilled a good amount of gasoline :(

Whoops

Tank off

Disconnecting the throttle from the carbs..

Some of the electricals, relatively simple compared to a modern bike or car...

Everything I could remove for today...

My ghetto bike cover, 40ft of tarp. If anyone has a smaller tarp, I would love it please!
