Red Hot Header Pipes - Bonneville 790

So, the bike has been laid up for 10 years.
Carbs stripped and cleaned, all new jets, air injection system removed, snorkel removed and K&N filter fitted. New plugs fitted.
Bike would not start, tested coil - ok, plug leads kaput so new leads fitted.
Bike started easily but the problem is the exhaust gets very hot, even on tickover after a few minutes. If i had not stopped it the pipes would glow red.
I am thinking it could be the cdi ignition unit, it seems like the timing is retarded. Has anyone had a similar thing happen?