I would try to remove the starter, and hook it up to a battery (not a battery in a car with the engine running) and see what it does. Connect the negative to the case, and the positive to the cable. It should spin freely. If not, I'd investigate burnt or worn brushes, or possibly worn bearings. Be careful when powering up the starter this way. There is a LOT of torque in this motor, and it may spin right out of your grip.
Rebuilding the starter is pretty easy. Refer to the Factory Service manual.
Good luck, and let us know how it goes.
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.