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Renovating an old Honda using one of the inexpensive and reliable Chinese replacement motors isn't terribly difficult, saves you money on licensing and insurance since it's an old bike and actually gives you a superior machine to the originals in many ways (more power, 12v. electrics, CDI ignition).
I own three and have helped build a half-dozen more. All but one use a simple battery-less AC lighting system that's reliable and puts out excellent light.
Nearly all have been built using the horizontal 125 Lifan engines in either semi or manual clutch versions. The first I bought six years ago were $265 to your door and although they've gone up to around $350 they're still a tremendous bargain.
The easiest to convert are any of the Hondas that were originally equipped with 50/70cc overhead cam engines. Next easiest (requiring only minor clearance modifications with a grinder) are the 50/90cc overhead valve push rod engines. The bikes originally equipped with overhead cam 90cc engines require an inexpensive adapter kit from Dr. ATV--or some minor welding and modifications to mount the engines.
We've built them from Honda Passports, CT-90's, CT-200's (OHV push rod Trail 90's) and one from an original C-100 (OHV push rod 50). All were cheap to build and most of the money went into replacement of rusty or worn-out parts. Find a good rust-free unit and it'll save you a bunch of time and money.
These old mostly sheet metal frames can indeed rust out so inspect them carefully before you buy.
The bikes with AC lighting end up weighing around 175 lbs. although a C-100 I recently built weighs under 150 lbs. The 50cc step throughs had the lightest frames of them all.
You can use the stock leading link or the hydraulic CT-90/110 forks (if they're not rusty) or get a fair set of new replacements from eBay for around a hundred dollars. I've been adapting forks from XR/CRF-80/100's by lengthening the steering stem. Many other small Honda forks use the same steering head bearings and can be easily adapted.
eBay or suppliers such as Dr. ATV will get you the majority of the parts you need. Inexpensive Chinese pit bike parts like pipes can be easily fitted to replace the usually rusted out stock exhausts.
On the 125's I use a 22mm Mikuni that's common and cheap on eBay for under $50.
No, these aren't the liquid cooled six speed wonders available everywhere but the U. S. but on the other hand they're light, simple and fun to ride. Geared the way mine are with stock 125's they'll run right at 60+ MPH and will cruise all day long at 50+. I've ridden mine from Indy to the Smokies and back comfortably.
I can't say enough good about these builds and since American Honda has chosen to abandon the lightweight motorcycle market except for the minis it's the only game in town other than the KYMCO K-Pipe (which I also own).
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