I believe my '79 CB750 had a 3.5 gallon tank. I was averaging between 40-45 mpg with the bike in standard tune. 4 into 4 exhaust, stock carbs, airbox/filter, factory jets and settings.
My current 700cc Shadow averages 44-50 mpg. So I'm guessing if you're going half that range, there's something amiss.
Any dents in the gas tank that would take up space? How many gallons when you fill up? Is it a stock tank?
Is it leaking gas anywhere? Let it idle on the center stand, and look for drips from the carbs or the overflow tubes or the fuel lines from the tank to the carb bank.
Stock carbs, or aftermarket?
Tires at a good pressure?
Any other items that would add wind resistance (fairing, BIG saddlebags, parachutes)?
Pull the plugs and inspect them for color. If it's running rich (I'm with MarkPBG on this one), they would be a powdery black color on the insulator. You may notice a similar condition on the inside of the exhaust pipes.
This is your homework assignment for this week. Let us know if we can help more.
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.