sludge

Hey guys, just got my first motorcycle, a '78 CX500 that's been in a barn apparently since '89. Gave the metal a spray down with GUNK and pressure washed it to see what I was working with and overall it seems ok, but there are some things that definitely need looked at before trying to start it...

So, when I got the bike the fuel line was already cut... Not sure why, too lazy to remove it I guess? But I noticed a thick yellow oil around the line that was odd. Removed the tank today, used the pressure washer to clean the bike and see what's what. Expected the tank to be empty because...