Mine was doing this (also an 87). I could kick till I was blue in the face and only get a pop out off the exhasut. My situation was a few problems compounding into a bigger one.
1: I wasn't using the propper "technique" for kicking the bike. Find TDC, bring the kicker to the very top, then kick it all the way through the peg. I'm right around 150lbs, leaning the bike against a wall or tree helps a ton.
2: I didn't have the carb adjusted correctly/jetting was off. It was spotless on the inside. I also upgraded to a newer PWK (moslty because I didn't have the Mikuni). After getting all ticked off about it not starting I decided to hold it wide open while kicking it (don't ask), it started second kick this way. Now that I have the jetting dialed, it still likes the tinyest bit of throttle when on the choke. I grab the front brake so I don't over throttle it.
3: I messed with the timing durring this process, found out that the stock setting was the best. I'm thinking about retarding it though, just to move the power up a little bit.
4: I went through quite a few spark plugs before I got everything working in harmony. A new one made starting much easier.
Now that I have everything dialed in, the bike will start 2 kicks when cold and one when warm. Has awesome throttle response and pull all the way to the top.
FWIW: My combo of parts is: 87 motor, 88 up piston, Boysen Power Reeds, Keihin Pwk carb, 58piliot, 168main, 1.75 turns on the air screw, Pro Circut Platnium pipe with Pro Circut Nature Friendly Spark Arrestor, new crank seals/bearings and KIPS valve correctly adjusted.