Thanks smcohio if were just a $200 that would not be an issue. However the typical cost of replacing a head gasket for these bikes is around $1200+ plus other "possible" ancillary work that may be needed which could easily increase the cost.
The engine needs to be removed in order to perform the work --- labor is the big deal. Also once the engine has been removed, at that time you also need to perform routine maintenance (repair/replace as needed) on other ancillary items (water pump, oil pump, i.e) to ensure everything is in proper working order before the bike is put back together -- more cash probably will be needed.
Bottom-line I'm anticipating $1500 to do the work, whereas I feel the bike is in excellent shape and could easily command 3K when running well, I'm just not sure it's worth it....after all the bike is 34 years old and really belongs in a museum then on the road. I have an offer to do just that, hence why putting more money into her is in question. Just one's mans opinion.
For the record, even though I really do believe it is a head gasket issue (white smoke spewing out of the exhaust is the dead give away), I'm calling in an experience mechanic to get a second opinion to see if the bike is salvageable. It is my understanding (hopefully crossing fingers) that sometimes the white smoke could be from the bike running to rich -- but it is a long shot. Regardless, I'm not given up on her yet and hopefully I'm just a bad mechanic and I have miss-diagnose the issue.
BTW, if indeed the engine is dead, I will donate her to the museum. However because she has some rare parts (Hondaline luggage rack, riffle faring i.e) I will probably offer them to this forum. I have a attached a YouTube link so you can see them for yourself.
1984 Honda VT500 Ascot
https://www.youtube.com/watch?v=JOoyncjHuRUThanks Forum......