Smoking starter wires indicate either a ground in the +V line where there shouldn't be, possibly in the starter or the wiring. My Shadow had a VERY shorted out brush assembly in the starter motor: I could push start it, but not with the starter. I found a used one on EBay, and it's been fine ever since. I may get a rebuild kit and make the old one like new, but I haven't had time. Been too busy riding!!!
Easy enough to check: Remove your starter, find a pair of jumper cables, connect the ground to the case and to the negative terminal of a car battery (make sure the engine is NOT running) and connect the positive cable to the battery and the lead wire. The motor should spin freely. Careful, there is a LOT of torque when this motor spins. If it gets hot, runs slowly, makes screeching noises, or puts out a burning insulation smell, there's your problem. The good news is: rebuild kits for these are readily available, and simple to install.
I hope this helps.
Luke M
Used to have a 1979 CB750L, sold it as a parts bike, now riding a slightly modified 1984 VT700C. Network/Field Engineer. Central OH, USA, Earth, Sol System, Milky Way Galaxy, Universe.