UPDATE: The bad news...
The radiators are bone dry. There was no apparent leakage around the head gasket, and the plug was oily (not water washed white), so I was pretty sure the water didn't get into the cylinder. I drained the transmission and a 50/50 mix of water and oil came out!
Me thinks she needs the seal between the tranny and water pump replaced.
I let it drain for an hour, and then refilled with clean oil. I didn't put any water in the radiators since I was only going to start it for 30 seconds.
The Good news.....It runs!
With a clean carb, and fresh gas, it fired on the 3rd kick and the top end was even pretty quiet! I didn't even slap a new plug in it! LOL
I let it idle for 20-30 seconds, then shut it off. After cooling for 15 minutes, I took a quick back alley excursion to check the tranny. All five gears are present and accounted for, and the clutch was even pretty good. I rode the bike very gently, and when I got back to the garage, the cylinder was just warm to the touch.
Things are looking good so far!