Ooh -- I just tried to "renew" the registration for the bike using the license plate (last registered in 2006), and the serial number, and the california DMV website says it is invalid information. I am hoping the bike is indeed out of the system. Think I'll mail my check to the lien sale lady (charges $50 not $70).
Stay tuned -- this may be the start of my restoration thread (or at least get 'er running thread).