The oiler works from the center of the counter shaft. The shaft has an oil passage through its center. I don't know about all Honda 750s but my 74 has it. Adjustment is done by loosening a lock nut in the center of the counter shaft and either turning the oiler in for less flow or out for more. Then tighten the locking nut. If the adjustment is out too much the chain is not the only thing that will be well oiled :)
Some owners just close it and keep an eye on their chains. I have mine open just a little, but I also used lube on my chain.
I can see November from my house