So finally got around to well, getting at it. Pulled the tank, took the petcock off the tank and found a bit o rust there. Doesn't seem like the best thing to ignore. Any tips on what I should do about it? I'm clueless on this one and am ready to spray what I can with WD40 and cleaning what I can.

Planning on pulling the carb and taking it apart for a good cleaning, lubing up the throttle cable, changing fuel filter that was on there.

I put a new seat cover on tonight and look forward to getting dirty tomorrow.

https://picasaweb.google.com/104225886634124921893/YamahaBeforePictute?authkey=Gv1sRgCOfmidevkIr0zwE#5869936060888556818

yeah the seat looks great now, as you said...just clean the filter, It doesnt matter what with...just get it clean. Dont overlook the filter screen inside of the petcock bowl