The compensator is the Screamin Eagle version, the red tinge on the center of the sprocket is the infamous "fretting" that folks refer to.
Formula plus is the way to go in the primary, it is designed to perform in the primary and transmission, helps with the fretting and works very well. While Syn 3, Amsoil, and other ATF style lubes work too, Formula + has many qualities that make it a better candidate (or so says my performance guru at Latus who did my builds and tuning).
As to the burned oil, one of the main purposes of the primary oil in addition to lubing the chain is to aid in keeping the charging system components cool (change the oil in the primary sometime immediately after a ride, the oil is surprisingly hot). I change the oil in the primary and transmission every time I change the engine oil. For the cost of two quarts of Formula + (approx $13) it doesn't break the bank.
If everything is clean, I would as Russ already said, put it together and ride it. The oil change after a few miles would simply flush any oddities out and give you an indication of how the parts are doing.
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2010 FLHX, Stage II 103, 92 hp 106 tq
06 Street Bob, SE 120R Latus tuned, 139.92 HP and 133.70 TQ
1976 FXE, just needed a shovel in the mix
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