That things in decent shape.
Love that Candy Topaz Orange!
Looks like an amature electrician has been practicing on your bike (same as my bike when I bought it). Likely it had a minor problem in the past like a failed rectifier which usually leads to a cooked battery and blown headlamps. Unfortunitly it is usually misdiagnosed and thats when people start cutting and splicing wires. You'll want to find the clymer manual available for download on this site and begin to access the damage to the wiring harness. I ended up having to replace mine. A word of caution about aftermarket ebay harnesses though, when installed mine I had numerous things that didn't work, no spark. I ended up taking apart my harness and re-configuring to match the wiring schematic. Hot battery wires connected directly to ground!!
I encountered shifting problems in my bike also. To fix, I removed the clutch cover (i did this with the engine out, but don't think its required), removed the clutch and re-installed the shift pawl screws, 1 of which had falled out. While apart you may want to loctite these screws to prevent it happening in the future.
I own a 1970 and a plastic gas tank is correct. Not sure about a '74 but I think it is also correct.
Looks like you've got a nice!
Best of luck,
Matt
Matt
1982 Z50R
1979 Yamaha DT250