New Bike = Dead Bike?! - r/h side hot, stalled, no power...

OK... so been a while, and been away on holiday, but now getting around to working on it now and have some questions - reasonably handy with the tools but knowledge is not what it once was, so...

Have stripped and cleaned the carbs, discovered r/r cyl carb boot was split (causing lean running?) - replaced all boots... mixture jets at 3 turns, 2, 2, 2.5 - reset all to 2.5...

Did a full valve adjustment - only minor adjs needed...

but, noticed when manually cranking to do valve adj that it seems sticky at cyl4 TDC - did it actually sieze?
...and, when I cranked it some white ash blew out of the plug hole - what does this indicate?

Main question is - where to from here?

 

That compression test would have told you whether to continue or if it's damaged goods.

But since the valves are adjusted and the carbs cleaned, then might as well try to get it running.