Good ideas posted already.. Try eliminating by steps..
1. Snych the carbs and check throttle cables. Easy to do see Shop Talk.
2. Check to see if the elec fan is coming on. Could be a sending unit.
3. Vac lines will give you a fit (Per Mr. Meyer) Make sure the plugs on the back of intakes 1,2,4,5 are still there. Check the lines on 3 and 6. 3 goes to the smog pump (P.A.I.R.) and they can crack easily as 6 goes to the petcock. Assuming the bike's not de-smog. If it is, check out the de-smog job.
4. Flush the radiatior and fill it (see Shop Talk)
Remember, that cooling fluid will boil over like a car if you have a stuck stat or fan not working. Valkyrie gets hot, can be a number of things like air/fuel etc. I had bad sending units in goldwings before and easy to get to the plug, cut the wires, twist together and leave fan on until get home and new part. A "road repair" for emergency. Best info for Valk IMO is here..
http://www.valkyrieriders.com/shoptalk/