You got a Bonnie? 4 or 5 spd? And the essential question: How big is the oil leak from the engine cover seal?
I had a '59 Francis-Barnett with a Villiers 200cc 2 stroke scrambler with leading link front suspension back in '69. Oh man, the shid we got into in those days...
It was underpowered, but a great frame. Eventually gave it to a friend to chop into something with a bigger mill. Used to have a Beezer Cub too, with a 125 cc mill! Grossly underpowered, fixed rear suspension (none, not even the internal hub one they had on some), it too was chopped into something with muscle.
I used to have these given to me by Hoggers who wouldn't be seen dead on them. I'd fix them up to the point of being worthy of much larger blocks, and some of those old frames had a class to them for show bikes, they weren't up to highway riding with the brakes and handling being unfit for the task, albeit it wouldn't surprise me if some did do that, street-legal or otherwise.
Edit: Correction, it was the Triumph that made the "Cub", what I had was the "Bantam", and this is the it:
I had no idea it was that old until digging for this pic. When I got it as a many-hands-me-down, it had no fenders, chain guard or anything else removable, save for the battery case, saddle and headlight assembly, which had a rotary switch on top necessary for turning the ignition on/off as well as the light. Until I got the timing right on the magneto, we used to push it over to St Mark's Rd hill at Humbercrest to bump start it.
That one ended up with a friend who become one of the top persons in the Vagabonds Bike Club. He made that machine mean. Nuff on that one...