How-many miles are showing on the odometer, and is it hooked-up?
Well, you bought it at the right price, assuming that you can make it operable w/o dropping several grand on it. Even if you did, and that was the sum-total of your expenses, assuming that you were able to use it reliably from that point for a few years, you'd be breaking-even, in my accounting.
"All he worked-on were the valves and clutch... ." and neither of those areas is currently functional? Do you have the skills to dismantle the engine, and to re-build it, after checking things-out? You could bet big, and just remove, inspect, and replace the camshafts and the clutch basket, and pray that this ham-fisted know-enough to-be dangerous shadetree mechanic didn't split the cases and molest the crankshaft and the gearbox.
As I suggested before, at this point, and working from a point of not-much confirmation as-to the extent of damage the prior owner has done in his "work," for my own peace of mind, I think I'd be in-favor of an engine removal, teardown, and re-assembly. This would also give you the ability to check the transmission, possibly getting it undercut, and re-assembly with correct torque values used, and inventorying things like 'all the parts are where they're supposed to-be.' Also do the oil system O-ring replacement, contact Sean Morley for his upgrade kit for the oil pump & pick-up, cheap insurance that your bike's engine is properly-lubricated. Since you have room for the worktable, I assume that you can use that as a disassembly area to tear-down/re-assemble the engine. Just take the engineless bike off the lift, and wheel it into a corner somewhere.
BTW, what does the inside of the gas tank appear to-be? The bottom and sides should be shiny-bright inside. If they're not, add a tank removal and cleaning to your maintenance list. Plenty of threads about how to do that. I like using 6% or > concentration of vinegar, just be-sure to remove the fuel reserve sender and install a blank-off plate in-place of it, as the potmetal it's made-of reacts poorly to immersion in the vinegar.
The switch is probably something to open the VBoost at a different rpm than the OEM setting. How-many switch positions are there? See if there are any extra electrical boxes added to the round connector under the left scoop. The round connector is for the VBoost connection. If you find something wired-in, post a pic and we can probably I.D. the manufacturer for you.
You really did pick that bike up at the right price, now, some additional $ on your part to check things out, and to ensure it's re-assembled properly (the engine and whatever-else you may discover) you can end-up with a ride for not a lot of $$. Personally, based upon what you've found, I'd go through all areas of that bike: engine, suspension, electrical (have you done the
crimp fix yet?), lighting, brakes (a #1 priority to check-out, given what inept mechanical work you have already found), to ensure that something he did incorrectly isn't going to catastrophically-fail and cause you to eat the tarmac.
If you're not-up to the disassembly, it's < 500 miles to CaptainKyle's place in TN if you wanted to bring him the engine. To reach him:
[email protected] That's < $100 in gas, round-trip if you get 25 mpg, and an 8 hr trip, one-way I estimate.
Something I found: