Well I'm the guy in college with a Savage with no place or time to fix the oil leak or adjust the valves. With an EXCEPTIONAL amount of encouragement and guidance from the members here, I did it, and I have the last laugh over the engineers in this school.  

It took the latter half of a Saturday and Sunday, a Clymers manual, and a portion of a Thursday afternoon to complete it. Only two tools were thrown across my friend's garage and skipped into the wall in the process. Unfortunately 0 six packs were drank in the process, I had a hard enough time finding a set of feeler gauges more or less using them in the process.

But let me tell you, the intimate connection with my bike was all the worth it. I wanted to do the project form the start, but didn't have the resources. (garage, specialty tools, broke college student eating ramen noodles) I had the luck of generous friends with resources and the misfortune of an as sumptuous motorcycle mechanic that swore the engine needed to come out of the frame.

Well I accomplished the job, and now my valves operate at a smoother sound than ever, and besides residue that has vibrated out of crevices, I'm pretty SURE I've halted the oil leak. (it comes out the rear of the engine next to the carb throat, and has since seemed to stop after a hard weekend ride, I'm assuming this means its received if anyone has any insight)

I just wanted to give an update in appreciation to all those that have helped here. It's been multiple times that I've pulled up to a fellow savage driven by a 'guy' on campus covered in oil with stock exhaust and he asks, "what year?"
"2001"
"REALLY!?!?! SOUNDS loud and incredible!"
"Yeah I take care of it, and did a lot of suggested maintenance and upgrades from an online community (insert URL here)."
"Sweet I'll check it out."

-6 months late I see the same bike on campus in ever more disrepair outside the engineering building with his hot girlfriend getting on it and myself still single. Go figure, they still make 6 packs, so I'm still in tip top mental condition.

Just wanted to give a shout out and thanks to all you "how to" junkie experts out there and a follow up for those that tried to help me along the way!

I remove the feeler gauges from the holder. Its about impossible otherwise. I also bend them into a Z shape & curl the front edge a bit.
CVongrats on the job.
Now, find that other bike & get paid to straighten it out.