Blasters are easy to rebuild and they are tough as nails. Yeah, you have to re-ring them a lot, unless you ride like a sissy.
Pull the fuel tank off and drain. Remove the carb and disassemble, two stroke carbs are simple. Pull out the reed valves and clean. Remove the silencer and repack it. Remove the expansion chamber. Remove the jug and inspect, you probably will only have to hone it out. You can pull the head off of the jug but it should be ok. Then pull the piston off the rod. It's held on with two cir clips and a wrist pin. Inspect the rings they are only $20-25 if you want to get new ones. Remove the kick starter and the clutch cover, if you don't have any water in it your clutch disc should be ok, if there is water in it remove clutch discs, wipe them off and soak in oil overnight ( I used 20w 50) make note of how the were installed. They probably won't last as long but they will last long enough for you to order a set. IIRC they are about $60-80 for a set. Then remove the stator cover on the other side of the case, inspect for water damage. I'd pull the magneto off and spray down the coils underneath it. You'll need a puller for this. Clean the coil pickups, maybe use a fine grit sandpaper and lightly go over them. If you have the oil injector system still on it (took mine off as soon as I got it) drain it and flush the hoses. I recommend getting rid of it though, less electronics to worry about. Flip it upside down and drain whatever is in the crank case, spray something like engine bright or some other diesel/petroleum solvent in it while it's upside down. Only electronics on the bike that are required is the coil pack and the kill switch, hack the rest of the crap off, who needs lights. I forgot that the newer blasters have hydraulic brake systems, so drain and flush the reservoirs and hoses. Is it all disc brakes now? If the front brakes are drum style open em up and clean out all the crud that got in there. Wheel bearings, pfftt, it's a four wheeler the wheel bearings spend 50% of their time under some sort of water/mud.
Of course clean the air filter and oil it, lube the cables, replace the jug gasket and put back together. RTV will work fine for the side covers. Change the spark plug, fill fuel tank with 32:1 gas/oil mixture IIRC (if you removed the injector system)and ride that SOB like you stole it.
ETA: You can put the front wheels on backwards to get a wider wheel base in the front, makes for better turning. Oh and ditch the airbox cover, I'll stop now, basically I'm saying there is tons of stuff you can do to make a blaster a.... well... a blast.