All,
After pulling the flywheel off on the weekend I found that the points cam was terribly corroded - it slips over the shaft of the flywheel and is circliped in place. It mechanically advances/retards timing based on rpm.
The pictures below show the extent of the damage, it looks like the cam is scarred from mechanical damage but it seems to be the electroplating coming off in shards. The bike's crankcase took on water when it was in storage. Using it the way it is would wear out the graphite shoe on the points in pretty short order.
My questions are:
1) Has anyone had any luck repairing this?
2) Does anyone know where to pickup this part separately - i've only ever seen it for sale as part of a flywheel assembly.