the frame won't oxidize (at least, not visibly on the outside), because it has clear anodizing over it.
when you fill the bike with oil, it'll oil up the clutch, but if you really want to be exact about it, you can pull the clutch cover off, disassemble the clutch, and soak the plates and discs in motor oil overnight.
the tranny should be okay unless it's been abused - but any tranny that's been abused will eventually show signs anyway. you can't tell the condition of the tranny unless you actually inspect it (i.e. remove the motor and split the cases), or ride the bike.
if you're mechanically inclined, you can remove the carbs yourself and clean them, otherwise take them to a shop and they'll do it for you for a nominal fee.
the tires will also probably need to be replaced.
the fuel tank might be rusted inside, especially if it's been sitting empty or close to it.
as for other components, it all depends on how the bike's been treated over the years.
if you have any questions, feel free to ask.
[ 08-01-2001: Message edited by: jeff ]