You have multiple issues, and this will cover fixing most of them.

Pull the carbs and replace the engine boot orings if they are flat or deformed. Inpsect the boots as well, replace any that show signs of cracks. Set the a/f screws back to 2.5 turns out. (your gonna fix the problems that made it work better by running richer, so set them right now where they should be).

Check all of the rubber caps on the carbs, and the petcock vacuum line is not damaged or have holes. Replace as nessasary if cracked or dry/hard.

Remove the airbox boots, clean the airbox. Replace any damaged parts (You mentioned possible fire?) and use rubber gasket sealer to seal the boots and box. Inspect/replace the airfilter if dirty or damaged, or if it's not an OEM replacement filter or equivilent. K&N or aftermarket high flow filters will be a problem.

Put the airbox back on the carbs before installing the carbs. Do this with the air filter out, so you can reach into the airbox and push each boot on and hold it while tightening the clamp down. Make sure it's fully seated and properly tight (don't over tighten or you cut the boots and cause vacuum leaks).

Install the carbs (with airbox) and then use an alternate fuel source (gas tank off and out of the way) to start and run the bike.

Pull each spark plug boot and double check the condition of the wires. If the last bit of the wires where the boots connect are hard, cut back to soft wire and screw the boots back on. Triple check the boots are pluged onto the right plugs for the correct cylinder (might want to check/replace your spark plugs if you dont' know their history_)

Try to get the bike to run and idle at this point.

In low light (if it's middle of the day, put a thick blanket or something over your head and the bike for a moment) and with the engine running check for any arcs to the engine from the plug wires and down in the plug wells from the plug boots. If you find arcs... fix them before going on.

Next double check there are no vacuum leaks. You sealed off the petcock vacuum line for example right?... since it's not plugged onto the petcock? Use a spray like starter fluid in short, small, directed bursts around all rubber parts on the carbs and airbox/carb boots. If the rpms change, you have a leak that must be repaired.

Once you know there are no vacuum leaks, sync the carbs fully with a manometer.

At this point, you should be able to set the idle at 1100rpms +/-100 and blip the throttle and have it drop back and hold stead at 1100 with no issue. If it hangs at this point, you either.... did not correctly complete one of the steps above,, or.... your carbs were not properly cleaned.

Krey

Krey, you should cut and paste that for later use. That will solve about 99% of the issues people have around here. Awesome

excellent, concise, really sums up the trouble shooting nicely.

Well done.

thanks! Ill let you know what happens

so far half of the valves are done i just rotated the signal generator to do the second half tomorrow. both exhaust and intake valves on the first half were way to tight. Another question though i took the signal generator cover off and some weird white smoke continuously came out the very top screw hole. I also noticed that i could hear air movement from that area and a whooshing noise as i turned the signal generator the second time. The smoke was very foggy though and almost looked like the smoke you get from dry ice or a chemical reaction. Another quick question though when i took the valve cover off the rubber cam ends are stuck pretty good and i dont want to tear the gasket. Can i just drop the valve cover onto the gasket and bolt it up since i cant get it off the head?

Several folks have asked me to make Krey's suggestions sticky, however there are several threads that cover the topics, and those specific answers don't "always" apply.

If someone has the time ( i don't) I'd suggest starting a troubleshooting article in the wiki.

That's why I said " cut and paste" not sticky. Would just save him from typing it over and over. The fact is, all this is available to members with a simple search of the site.
No need for redundant stickys.

That's assuming people ever use the search. They never read sticky's either.

Maybe the white smoke is actually a ghost in the machine. LOL

haha yeah satans ghost. The mother effing valve cover screw broke the threads and i barely used any force with a small hey key. Picked up a permatex thread repair kit though and it should be fixed in about 30 min.

alright so i plan on putting this in the Write ups but I learned how to use the permatex thread repair kit and make it work when you strip the threads on the cam bearing retainer that fastens down the valve cover. THIS IS NOT A PERMENANT FIX! But it will get you by for awhile.
1.You take the two syringes and mix equal parts. Stir it up good until its a uniform color.
2.Then you shake up the blue release agent and put the tip of the bolt in the bottle to get the threads nice and covered.
3. VERY IMPORTANT- take the scooper and fill the stripped hole but DO NOT OVERFILL IT OR THE EXCESS WILL BE PUSHED TO THE TOP BY THE THREADS AND THE EXCESS WILL GET INTO THE OIL AND VALVES!!!!!
4. For the next step i put some rtv sealant on the rubber gasket of the bolt to aid in sealing it. Next you tighten the bolt down to where its snug but dont torque it so it spins.
5. Let the bolt sit for about 10Minutes and then back the bolt out 1.5-2 turns.
6. The instructions say to let it sit for 30min to cure and to take the bolt out while it cures but if you take the bolt out it will ruin the threads. Leave the bolt where it is at for about 40-45min just to be certain it is set. If its cold out wait even longer.
7. Tighten the bolt down but DO NOT OVER TIGHTEN OR YOU WILL BE IN THE SAME ****STORM AS BEFORE!!!!!!!!!!!!!!!!!!!!!!!!!!!
8. Start the bike and let it warm up.
9. Rev the engine and check for leaks at high RPM's and if it doesnt look seepy anywhere then take it for a ride to warm the engine up and come back.
10. Look for leaks again. If everything is good ride on but keep an eye on the problem area and that oil pressure light you have next to the neutral indicator up until you get the new cam retainer.

Never mind an admin will need to put this up in the write ups if they deem it worthy

hey boss how did you make out with your trouble shooting?