that burned up plug is caused by a loose connection,,is your bike the one that had all the electrical issues and you were going to sell it? if so i live up in nashville and would be glad to take a trip down there one weekend and see if we can find a common cause for all this...
Jess - I had one electrical problem before but I was not thinking of selling. I did that once (sort of) and came back to the Valk.

My main fuse and plug melted last year. I never really was sure of the cause. I saw an exposed wire under that same side cover (as the main fuse) and fixed them, but not really convinced that was the cause.

Happy to have your help though, check it out:
http://www.valkyrieforum.com/bbs/index.php/topic,40446.0.html