Just a thought before you start pulling it apart. In case it's actually fuel related, you could try starting it on some aerostart/ether/start ya bastard. Holts de-icer also works well. This brought a GT500 that had been sat for a year, and wouldn't even bump, back to life for me once. You need to squirt and kick at the same time.
That said, if you can kick it over easily without a decompressor (I'm assuming it's pre auto-decompressor technology) there probably is a problem.
Presume that you know the timing marks on the flywheel (again, only if it follows Honda practice from the era) are TDC = T mark, points should just be opening at the "H" mark (I think it's an H - long long time since I looked at a Honda single), and that both tappets should have clearance when the points are open.
Best of luck with the old beast, I'm sure you'll get her running with a bit of perseverance.