Is it a high-miler?
Are there any adjustments within the gearbox itself (don't know if Pete Snidal gets that deep into them)?
Here in India I've very rarely found a 4-spd unit that shifted properly, just all kinds of weird problems - they might upshift fine but downshifting goes from 3rd to 1st (then you gotta upshift to 2nd if you need that gear), or can't find 1st at all, or false neutrals everywhere, or the neutral lever has to be used to catch 1st, or else the neutral lever just doesn't work at all... and more problems I can't remember! I've never had one open and not sure about wear items, they can be made perfect but IMO they're definitely lacking in material quality and maybe design, it's not unlikely they're sometimes run dry here when the grease (what the???) hardens/leaks out. I suppose it requires a good shop manual / technician. Most people here learn to live with them, the rider/machine special relationship and rare joy of right-foot shifting... personally apart from that rare joy, I hate the 4-speeds, the 5-speeds are relatively trouble-free and the ratios tend to work out better for most people. Here they're probably not too hard to find second-hand for upgrades, since they came along with the AVL's that most people here dislike, and some of which are probably getting junked by now.
Sorry I couldn't do more helping and less griping... :-)
-Eric