This would make sense with a twin, but the CB750 coils fire cylinders on both sides: 1 & 4, and 2 & 3.
The coils fire their plugs once each revolution: once on the power stroke, and once on the exhaust. It's called a wasted spark system.
Agreed that touching the pipes with a wet fingertip should give you a good indication of combustion. You could even buy one of those IR laser gun thingies, if you need to be AR about it. :-)
You should download the FSM on the home page of our happy little forum here, and do everything in the Maintenance section: valve adjustment, cam chain adjustment, tightening of clamps and such, timing check, idle adjustment, etc. THEN I would dive into what might be wrong.
Good luck, and keep us informed. 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.