Many thanks for the assistance everyone, much appreciated.
New boots came in and I installed them today - Made a huge difference on choke and idle, no longer races up and down and warms up in a reasonable-ish time now. 6th gear now just about holds 67-70MPH with WOT, and the bikes top speed remains at 75-78 at 8000RPM with WOT, which lead me to think there's something else worn on this bike too. Checked all 4 valves whilst I had the tank off, and, all seemed within spec with my feeler gauge.
I inspected the timing mechanism and it's advancing and retarding with the throttle without issue, and the weights extend all the way out at 3k+ RPM, so, I think that part is good. Greased it up as well just in case, but, noticed no difference in power. Also regarding the air filter - When I bought the bike I found the original air filter element had gone rock hard and crumbly, so, I replaced it with a lightweight foam. Tried running the bike without it and noticed no real difference.
So, I ran a compression test on it after a good run on the freeway (Probably 30 minutes after I turned it off), and, saw quite depressing results. Cylinder 1/Left is reading ~65 psi, and 2/Right is reading ~80 psi. Unless I'm measuring this wrong and there's some special procedure needed, this bike is reading remarkably low. It's not blowing any smoke or burning any oil that I can see, so, I'm quite confused on why the compression is so low on this bike at only ~22,000 miles. Certainly explains the lack of power however.