Much more likely to be an air leak at the head/manifold joint, or a hole or leak in the rubber radiator hose between the carb and manifold.
My first thoughts were just that, but I can't find any such thing.
I've confirmed/checked/reset fuel supply, timing, mixture, disconnected my switchgear and gauges (installed new tach, wanted to make sure it wasn't messing with anything). Valves were perfect when the bike was dead-cold before I started for the first time. Obviously gave the carb a good going-through. Tried an alternate spark plug, no change.
Yesterday, I did adjust the timing a hair, but I rode it afterward and had no difficulties. When doing so, a points plate screw finally gave up...it had been hovering on stripped since I got it. So I drilled and tapped using a Hitchcock kit that I had sitting around against the case. Was careful, used grease in the bit, and cleaned up afterward. I had to file the plastic Boyer plate a little to accommodate the larger screw shank. But it's sitting fine. And I rechecked, found no shavings or anything inside.
Am resetting the timing once again, and will try a third spark plug and see if that helps any.
Sigh.