Thanks for the replies guys. I will post updates and pix along the way. I think original mileage is at 54,000. I don't think I will worry with or do anything to the bottom end. I will most likely pull the heads to check the valve guides and seats. They could propably use freshening up and that will give me an opportunity to replace the push rod tube seals.
This bike is a return to simplicity for me too. I previously had a 1988 R100RS (my first Bimmer) that I put a little over 50,000 miles on. Loved that bike and wished I never sold it, you know how it is.
I haven't really decided on a final color scheme but leaning towards the stock red smoke. The wheels wil be done a gold/titanium powercoat along with the rear brake stay and bracket.(if I don't like the way the wheels look I may go to a dark gun metal color) The frame and most bits will be satin black with a few things done in gloss black.