She runs!
I got my head around checking the timing:
Valve timing was fine
Ignition timing was 5° too advanced. The Sachse system I fitted should be set with static ignition timing at 0°, not the 5-8° of the conventional ignition. The advance logic then applies 5° advance at idling speed and increases with engine speed depending on the curve chosen (of 3 possible curves). So that is now reset.
At the same time I fitted new main & needle jets to the carb and applied grease to both faces of the carb/inlet flange gasket.
First 10 km run, the engine was running much better, pulling strongly, although not idling very well. However I could only find two gears: the selector box was installed 180 degrees out, and I was only getting 4th & 5th gear with a false neutral between them. No wonder I thought the bike gearing was too high! I sorted that and now I'm getting all five gears. Thanks to an old post by Jordan this was fairly easy to diagnose & fix.
The spark plug was too black after that first run, so I warmed-up the engine with another 10km run and adjusted the pilot air and idling stop to get a smooth idle.
I noticed that the footpeg nuts had rattled loose, so they got some thread-lock and nipped-up.
After that I took her for a 30km run and all seems to be in good shape. A couple of small oil weeps to fix. The only thing puzzling me is a high-frequency buzzing noise on over-run with a closed throttle, I haven't been able to find the source of that yet.
This bike is so much fun on the road, even while respecting (at least trying to) running-in limits.
Thanks to the help of this community, another one of these great singles is back on the road after 42 years

I can't overstate how grateful I am for all the expertise I've found here.
Cheers,
Al