Dude, this could totally be the wrong answer but I'd have to say it's "somewhat" normal, albeit not acceptible for a perfectionist. It's a lean condition for sure, but "slightly" lean. Frankly I wouldn't mess with it. You're not going to cook a valve when it pops and burbles as you lurch down a hill. Now, if you give it a good rev and it REALLY backfires consistantly, then I'd be a little worried. The only reason I say this is because my bike used to do it too.
Try checking your points gap, or the overall condition of the points. Is your bike a little cold-blooded? Do you have to mess with the idle speed for the first few minutes of running or choke the heck out of it for the first start? If you are satisfied with your bike's performance overall but are concerned with the downhill/decel popping, I would definately take a look at the points gap, could be at the lower engine revs they are arcing a bit and the plugs aren't hot enough to light the mix, but the exhaust is. I'd at least check the points gap and dwell before messing with the timing.
You're on the right track though...def don't mess with the carbs/mixture until you know your ignition system is set up right. And I wouldn't bother with checking the timing until you "check the points."