97 Yamaha VMax 700 triple sled

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Just picked up one of these with 1500 miles on it. When I started it up, coolant was pouring out between the head and the cylinders. Ordered new top end gaskets and plan to resurface the head in an attempt to help seal everything up.

It ran hot to the point where the red head became discolored, so next step is to determine why it ran hot in the first place. I really only plan to ride it around the house and maybe some local trails.

Anyone familiar with these?
 
notorious bad crank bearings on that year triple, I walked out of the forest couple years back, sled was junked as a result.
 
With only 1500 miles it should have some good life left, once you get the issues taken care of. I have a newer Yamaho 4-stroke, runs great.
 
Ran good yesterday on a 30 minute ride in subzero temps.

The only thing I noticed was some excessive smoke at idle, and a non-functioning speedo.
 
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