Being clean inside the rocker cover is always a good sign. These engines can be prone to gunging up the oil around the rockers. Thick oil / sludge in there could also be a sign of the rings being knackered, and letting exhaust gases into the oil.
Not having the loom is not a major problem if you are going to go down the bike carb route eventually. Better to do it sooner rather than later. Just for a budget build if loom was avaliable could be a bit easier & cheaper getting you on the road quicker.
Cheers
Mark
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