Hi Steve,
As I said the history of my bike (& engine) is uncertain, it was bought as a box of bits so I'm guessing that the milage is correct as all the bearings are good, the big end shells are like new and its only on a +0.020" rebore with very little wear. I don't want to cause a panic, but certainly if you're taking the engine out for anything else the sludge trap is worth doing.
Hi Plewsy,
60000 miles in 10 years!...that's more than I've done on my speed triple in 11 years.(OK, I used to travel a lot for work)
It would be nice to see a vid, I've got a few tips (as it's still fresh in my head)
You will need a impact driver and a LARGE hammer with a good quality tight fitting screwdriver bit.
Use something like a 1/8" drill to drill out the centre punch (not too deep)
Use a vice with some aluminium jaws to protect the crankshaft.
The screw is TIGHT, I had to remove it with the impact driver for almost 3/4 of its length. (the last 1/4 came out easily)
I've read of many ways to remove the sludge trap tube (slide hammers, tapping a thread and pulling it out etc.) The easiest I found was to hammer a chisel into the tube and then give it a couple of turns with a pair of vice grips, once the tube will turn easily it should just pull out (you should be able to reuse the tube)
I suggest wearing some plastic gloves once you get the screw undone. I didn't, and am still trying to get the 40 year old oil off my hands! (should be gone in about a week
)
Webby
Note to me, must do sludge trap! 
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