Thank you for your service.
Scraping and grinding are not good noises. I had a similar problem with my 79 model. In my case, the cam chain from the crank to the exhaust cam would never tighten up. At idle, it made more noise than I liked. The chain between the two cams was fine.
After the long cam chain broke (sad story, to be read elsewhere), the teardown revealed the problem. The long cam chain adjuster was worn through the plastic part. This meant the chain was running metal to metal. The slop was so bad, it made grooves in the head where the chain ran up and down. I have a pic of it somewhere. Needless to say, the motor was repairable, but would have cost too much in parts and labor. So I parted it out.
If you have to replace it, I recommend you get the Factory Service Manual (found in the Manuals link on this forum's home page), and read up on how to inspect/replace it. I believe it'll call for removing the engine from the frame, and at the very least, pulling the head.
Good luck, and keep us in the loop. I'm sure we'll be able to help if you need it.
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.