It is chain drive, from what I've read the motors should be about the same across the models with the exception of one being higher compression i believe, not sure which model that was. The L got the 19" wheels, larger tank, bigger seat, rear fender, higher bars etc... just a custom version of the E model. My plan would be to chop the rear and go with a flatter seat for sure. That alone changes the look a good bit. Already has lower bars installed. Maybe shorten the front fender and paint match. I wouldn't go crazy and won't restore it, I'm not a fabricator by any means but have some buddies that build these old bikes i can get some guidance from. Key should be in by Monday, then can get power to the bike and see if everything still works and motor turns over. Im actually headimg out of state the 6th for a few weeks so will have to dive into it when I return.