Nate,
Thank you for the information. I didn't realize WD40 on the chain could cause such an issue! I seem to have lucked out, possibly because I have not ridden the bike anywhere and the new chain oil I drenched it in after cleaning is the Royal Purple stuff. The chain spins quite smoothly and seems to be quite thoroughly lubricated. I'll go over it again after I take the bike onto the streets a bit.

I'll get into the timing one more time for good measure, because I can't remember whether I set it after the last time I checked the points or not. I'm probably going to have to replace the whole points plate soon anyway - for now it seems to be working but it looks pretty bad (rusty) and one of the adjustment screws (not the plate screws, but the ones that fasten the points adjustment in place) is partially stripped.

- Josh