Thanks for the advice all.
So here's what i think happened: Before I had sent my carbs out for tuning and cleaning my bike sat for about two months with a leaking petcock (my SOS was removed some time ago because it leaked) that I didn't know about. From what I can tell gas basically filled the carbs and continued on to the cylinders and into the oil. After I attempted to start it up the other day and i had leaking gas/oil immediately, I decided to drain the oil and ended up having almost 6 quarts of gas/oil drain out. I have to assume the overload of the mixture in the clutch and the thinness of it is what caused it to spray out of the clutch casing.
I've since been able to replace my petcock and find a new SOS from a local junkyard and now she's purring like a kitten and driving beautifully and leak free. I let everything drain for an afternoon and changed my oil filter in hopes of making sure the gas/oil mixture is all out.
Like i said this is only what i assume happened. Can anyone verify it? I plan on checking my oil again in a few days to make sure that the problem doesn't persist and indicate a greater problem.
'81 CB750K, '70 C70. As long as the Honda's older than I am, I'm happy...