[JimmyD]

You don't have to be quite that meticulous about the oil change but that's the right idea. I change it quite hot so there's lots of oil on the top end when it's pumping the cold stuff through the filter. The less time you take to top up the bike, the less oil is running back into the crankcase.

As far as your valves go, it's better to hear them then not to hear them. I'd definitely put them on your to do list however, especially considering the state the previous squid owner had the bike in. He may or may not have checked up on them regularly.

+1 to star's oil explanation. Since you're in the states synthetic is cheap insurance. You'd probably be better off running 20w-50 in florida, at least during the summer, and switching it to a 10w-40 in the winter.