The procedure in the Factory Service Manual (available from the home page of our forum) has a very good procedure on how to replace pads on the front brake. It is recommended that the brakes be bled afterwards. There are several postings on how to do this, from speed bleeders to pump oil cans. Do a search on those terms and see which one agrees with you.
Make sure that your pads are well seated in the caliper. Sometimes if they're not all the way down, the pads will hang up. Also, if there's crud in your caliper, and you collapse the cylinder in the caliper, it will pick up some of that crud and not move freely. I had that happen to an old minivan, and 2 miles of driving with a stuck caliper fried the rotor, the pads, and the caliper itself. Expensive lesson.
Sandpaper, emery cloth, steel wool, all will work as long as it's not too aggressive a grit. You just want to knock down the shiny stuff.
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.