A few possibilities: it's a vent line for the carburetors, a vacuum line for the fuel manifold valve, or a feed line from said manifold valve. I don't recall the DOHCs having a vent line, but I've been wrong before.
Where does your carburetors' fuel rail get its gas from: directly from the petcock, or though a vacuum valve on the right side of the carb bank? If directly from the petcock, and the bike runs, then this may have been a leftover from the FM valve. If it doesn't, then the FM valve may still be in place. This valve needs a vacuum source to open up, and deliver fuel to the fuel rail. You can bypass this valve if you wish, as long as you're fastidious about turning off the gas at the petcock when you shut down. You will need to plug that vacuum line to keep your bike running well.
The FSM we have on the home page of our forum for the DOHC bikes should have some more info about this.
Good luck, and 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.