Funny how two people can look at the same bike in person and come away with completely opposite opinions. I do appreciate the advice given based on just the pic. Thanks.
Bike has been sitting and no fuel/fluid leaks. I drained the gas tank today, there was over 2 gallons in the tank. This is what it looks like underneath the tank:
Looks like the damage was confined mainly to the front left side of the bike. No damage to the tank or petcock; fuel lines are all intact. I pulled out the connectors to show how they somehow escaped getting incinerated. You'd think that since heat rises, a lot of stuff would have been destroyed under the tank. Thanks for pointing out the wire on the left side coil, taz.
I agree with everyone about the harness. It's cheaper and quicker to just replace it.
Here's what I've ordered from ebay:
Radiator and fan
Harness
Oil pressure sensor
Choke cable
Ignition coils
Thermostat
Thank goodness the pregen Ninja 250 is such a common bike, parts are plentiful and all that stuff cost just under 60 bucks shipped to my door. That's certainly something to consider if you want to take on a cheap project.
Next step is to wash off all the soot and grime from the fire. I have very little to work on this bike, but I'll update as I go along.