I did this 10 days ago with a '75 Mk III, here is what the good folks at CNW advised me to do (what they do).
1) Put 2 quarts of non-detergent 20 or 30 weight in the tank, tickle up the carbs, do a trounce on the kicker with the switch off (not on the center stand, please) to make sure there are no metalic clanks.
2) Switch on, kick away, if you've done your homewework it will fire right up (I put a large fan in front of mine). Run the engine with out moving the bike (keep it in neutral) for 8-10 minutes, until the oil is warm/hot. You can use this time to verify the timing.
3) Shut down and drain the oil, replace the filter, if you have one, clean the gauz filter in the bottom of the crankcase.
4) When the engine is completly cool go over the valve aqjustments and the torques of the major engine fasteners.
5) Add three quarts of non-detergent 20 or 30 weight oil, a new filter and go for a 50 mile ride.
6) Bring your pride and joy home and repeat steps 3 & 4.
7) Now add 3 quarts of what ever you plan to run in your bike, I don't want to start an oil war here!! and go for the 500 mile mark.
----When you hit 500 miles repeat steps 3 & 4, plus change out the tranny fluid and the primary fluid.
You may want to check your carb sync, there are some excellent proceedures on this forum, at some point alomng the way.
Best wishes!!! A proud moment awaits you!!!!
RS