>>From Wacopilot: "ACR, I will repair the choke lever, I was surprised you could order that, I’m use to having to replace a complete unit because a 2 dollar part breaks these days. So that’s refreshing." <<
That's why I have a Bullet - Hitchcocks makes it affordable & painless to explore 1940's motorcycling. Order anything you need, no machine shop required to keep the old girl running. For example - yesterday I pulled my points apart fearlessly and detailed them out, no worries about losing some tiny voodoo unobtainium bakelite spacer or hand rebuilding the contact point surfaces with silver solder drips and a file. To make it interesting I replaced the worn-out point cam oiler felt with a scrap cut from an old wool sock - high tech, eh? I love points/coil ignition; it's on-road repairable using a stick for piston position and your eyeballs. The folks making real power out of these have different requirements, but for me they works well.
That Mikarb is the same - too basic to give any real trouble, just keep out dirt & water. Hitchcocks carries all the bits for it. Not much reason to change it until the "mo' powah!" bug bites hard.
As regards cam shafts & timing, Ace has written authoritatively & extensively on it this forum and has some great ideas on phasing. Sounds like your shop is pretty well equipped, so I'm guessing a dial indicator is readily accessible. Hitch's has a (+/-) 4 degree pinion that ACE works miracles with, providing you dial in the valve gear properly and check your valve clearances. I think it'd be fun for you, and your "65" is already apart..... -ACR-