Welcome to our little playground.
You did a great job on the motor swap, and it's running. That's the hard part.
In a good state of tune, your bike should be getting between 40 and 50mpg, depending on riding style.
Yours is about half that. Have you tried revving the engine in neutral, to see if it gets near the redline?
You said you traded out one of the mufflers when it was blown off of the exhaust pipe. You could also go for a short run with no mufflers, to see if it's an exhaust issue. The bike probably won't run quite as well due to the lack of back pressure, but it should tell you if it's mufflers or not.
Some other things to check:
Battery up to snuff?
Carbs worked on recently? Power jets plugged, maybe?
Ignition issues? Plugs, wires, coils?
Sprockets and chain correct for the bike?
Best to grab the Factory Service Manual from the home page of our forum, and go through the Maintenance section. Check it all.
I'm sure, with a little time, and some money, you'll get it going better. Keep us in the loop, and we'll help if we can.
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.