I got my first order of parts in from the store.  I got myself the following.

• Carb rebuild it
• Speedometer cable (both inner and outer)
• Spark-plug

Since I didn't have enough time to rebuild the carburetor I just replaced the speedo cable.  The whole thing took about 20 minutes only because this was my first time do it.  I followed the instructions over at smallframes.com and they are pretty spot on.  If I hadn't of I bet I would have been in a world of hurt trying to thread the new cable through the front fork.

There trick is basically as follows:

1. Release cable from the speedo
2. Release cable from the pinion
3. Remove the inner cable leaving the outer cable in place.
4. Insert the new cable backwards into the old cable (from the bottom up).
5. Remove the outer cable leaving the inner cable in place.
6. Insert the new outer cable from the top down over the new inner cable.
7. Remove the inner cable and reinstall correctly from the top.
8. Screw both ends of the cable back on.

Once you've done it the whole things seems really simple.

The old cable was definitely snapped.  Before I installed the new cable I hooked it up to the speedo and the other end to my screw gun. Sure enough the speedo worked so I knew that this should fix the problem.

Next step on this bike is going to be rebuilding the carb and putting in a new spark-plug. Maybe we'll get this thing running.