I think (but am still new to this) its more likely the timing, which I will do the next chance i get, mostly because it still confuses me.
I had an issue early where it wouldn't rev over 3K, after many carb cleanings nothing helped, and after the last cleaning it started up backfired a bunch and now won't start at all. I cannot see how its the carbs anymore.. They have been cleaned many times and have to be clean enough at least to get it to start up. The last cleaning everything was checked again, floats at 26mm, slides are have no holes and are seated well, jets are clear. It should at least start. I am not hearing any combustion at all, t just sounds like the engine is turning over, MAYBE i can hear some small 'puffs' but it doesn't sound right.
So what you are saying is if the valves/timing was off, say when i bought the bike 2 months ago, it would get worse and worse and maybe be the cause of not reving over 3K under load, and then one day maybe the backfires would knock something that final bit off and just stop starting ? Which would put me where I am now.. its not starting at all.