On the back of the airbox, there's a rectangular hole, which should have a rubber snorkel in it that sucks in air from just in front of the top of the battery.
And suppose I should add a #7; you're supposed to remove all the spark plugs for a compression test, not just the one you're testing. You want maximum cranking speed.
In any case, I think it's clear that your bike's rings and bores are just fine; you tested compression incorrectly, but you were consistent, and the results were consistent. So put that out of your mind; the engine is mechanically sound so your problem lies elsewhere. I should say problems in the plural; with neglected vintage vehicles, there are always multiple overlapping issues, and you have a list to sort out, not just one issue at a time. It's a different sort of troubleshooting and mindset.
Fortunately, this path is well-trodden and well-marked. Start here:
https://www.thegsresources.com/_for...tenance/46923-top-10-newbie-mistakes?t=171846
Anyway, some of my advice for where to start, and others will chime in with other thoughts...
1) Yes, check and set the valve clearances.
2) If # 1 is the only one getting hot, that points to problems with carbs, or perhaps ignition. Likely both. See what I mean?
Something is likely still clogged in the other carbs. I wasn't there when you cleaned them, so I can't be more specific, but review the link in the newbie mistakes thread for the only correct procedure and common mistakes like using the shonky parts from carb kits. And yes, float heights are important.
3) Also verify that you have strong, correctly timed spark in all four. Weak voltage to one coil or the other is common, along with many other potential issues in the ignition wires and caps. It's also quite common for the wires to get hooked up in the wrong order if you're used to car engines. The left coil fires # 1 and #4, the right coil # 2 and # 3 And if your bike still has points, that's a whole 'nuther raft of issues.
4) Every petcock leaks eventually, meaning that the vacuum line from the petcock to the carb slurps in added gas. If the petcock is original, it is or shortly will become a problem (one of many).
The rebuild kits don't work. Luck with the cheap Chinese replacements is mixed.
There are more, but that's what comes to mind off the top of my head.