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Yep.  They shipped a hybrid by the looks of things.  Mounting plate is clearly for points type, stator coils are common to both I believe, as is the HT coil, but they confirmed that it had the correct rotor and instructions. Looks like someone pulled the wrong stator assembly.  They are being totally responsive so far and if they will ship the correct mounting plate, we'll be good to go.

I just had a Vape system delivered for a GT500 to replace the PEI.  It looks slightly different to the pictures on the web site but beautifully made.  The invoice and shipping docs confirm that it's the PEI replacement and not points replacement, so I fitted the stator and wired it all up with only a few small changes to the wiring that was supplied.

When I fitted the rotor, it didn't look right.  The rotor is too far out or the stator is too far recessed, so I took a deeper dive and looks like the wrong unit was shipped. I had hoped to finish the install this weekend, so now I have options.  Get the unit returned to VApe in Europe, or get an adapter plate machined to space the stator out by about 8mm.

Anyone run into similar problems with a T500 or GT500 Vape system?
 

Only a problem if you tell 'erindoors. 

OEM crank bearing I believe are NLA but you can use CrusinImage or fit different bearings into an adapter sleeve. heads can be welded and machined to a nice new squish shape which would be more efficient as well as fixing the cracks.  Or fit inserts (domes) into the stock head shell.

A few years ago (well, a lot more than a few) I had a short term need for a bike to ride on the street to commute on and a friend offered me his Ossa SDR.  Street legal, off road enduro. It was awesome. Nothing against the usual suspects but you might want to add a something Spanish to your list of possibilities.

I know I have a new 2.50x18 36 hole and pretty sure I have a couple of good or new 2.15s as well if you are interested let me know (PM or email me) and I'll dig them out

Save yourself a ton of cash and get new spokes and rims from Mike's XS and build them yourself.

I have to agree with Mark. An RZ easily makes 60hp with teeny tiny 26mm carbs.  30 - 34 are nice but depends on how you ride and what you are looking for.

I'd speculate that it's a big end cage starting to break up. It could be a main bearing cage failing, but more likely it's a big end.

So many choices. 
Long stroke: No
Water cooled: OK but not a lot of advantages over air cooled but if you need an RD top end, it's worth thinking about.  TZ top end is a lot of $$$ and pistons are hard to get and expensive
Air Cooled: Yes.  Fit an RD top end and have it ported
Chambers: Absolutely.  JL are beautiful, Spec2 are awesome, other choices as well
Reeds: YZ85 reed cages and open up the reed boxes to fit them with spacers
Long Rods: sure but not necessary for a street bike
Carbs: bore to 29.5mm or buy flatslides
Ignition: Vape, ignitech, Zeeltronic, HPI.  Vape is probably the best option.
Brakes: Upgraded disk rotor and caliper for sure.  Probably blue dots on an adapter
Suspension: Race tech or mike's XS gold valve emulators at least, or complete FZR400 front end with matched shocks at the rear.
Heads: minimum get squish corrected, or Vintage Performance or other aftermarket heads

I hope we aren't confusing Keihn jet numbers with Mikuni large hex numbering.  Keihn jet are numbered according to their diameter IIRC, so a Keihin #138 is roughly equivalent to a 230 or so large hex mikuni.

Thanks.  The sidestand switch is also not fitted but I would guess that it needs the side stand control unit because it's inked to the gear indicator as well ( I think).

Does anyone know if the Zeel power valve controller is an advantage to the performance?  Yamaha claim it is optimal but some Europeans seem to like changing the curve to a different slope or % open at certain revs table.
On our RS250 Aprilia Cup bikes, the power curve could move quite a bit with changes to when the valves opened.

I turned on the RZ this morning and the powervalve didn't do it usual cleaning routine.  Battery is fresh and charged so I suspect that the valves were sticky from lack of use. 

I removed the side covers and tank and cleaned all the PV servo connections and that seems to have cleared things, but I can't identify one of the black boxes under the tank.

I did find the CDI/ECU it's a 52Y-50 which seems to be correct for a 48H. And the P/V controller hiding under the seat beside the fuse box.

And the 3 wire old school flasher can was easy to locate, leaving two other units ahead of the CDI. One appears to be the side stand control unit.  It has 4 wire connector plus brown (power). The other has a 6 pin connector and might be the flasher cancelling unit but that's a guess.

The stock pipes are long gone so there's no catalytic convertor wiring or controller as far as I can tell.

Anyone tell for sure what the unit obscuring the coil is and the one to its right?

Nope.  They look like a 3G3  350G model cylinder with reed boxes.  350 cylinders and heads are slightly wider that 750 parts, so you can't use a TZ350 head on a 750 cylinder and vice versa.  They have to be matched. I would suggest that they used the 350 design dimensions rather than 750 because there would potentially be a greater demand in Europe for that. As for port dimensions, I have no idea what they used, 3G3, TZ750D or something else.

Fondseca used to sell a similar part but again I have no data on ports or head dimensions.

A full Nova transmission would be the perfect answer, but lottery winners only for that.  Even 4 individual gears are not cheap. A GS/GSX/GT hybrid might be best but whining is not all that common compared to jumping out of gear with work and rounded off engagement dogs.

When you have the motor out and stripped down, give me a call and let's work out your options.