So you have the Lifan engine in the bike now?
About your electrical gremlins: The wiring harness connectors always corrode on these bikes just enough to start screwing things up. Turn signals probably won't work if you have a stock original wiring harness. Also the horn will hardly work. BUT the engine will run fine typically. When I was young I cut out all the connectors and soldered the wires together and WHAM everything worked awesome. Here is my post about all the
Honda CL70 wiring harness.