Seems to me that you would be on the right track with what you are going to tackle in order to breathe some life into this bike. The most likely things to need sorting are Carb, thoroughly clean, ultrasonic if possible, carb cleaner and compressed air anyway but keep it away from any O rings fitted.
Ignition does it spark, fingers crossed it will .
Crankshaft seals, important for good running of a two stroke and very likely to need replacement.
Check for a good fuel flow from the tank petcock, run fuel into a container to do this, there is likely to be a filter screen in the tank in the petcock or both.