Okay, sounds like a problem that has been encountered here before (myself included), but is rather obscure. The only question I have is:
Did you replace the clutch cover? I'm referring to the aluminum, primary clutch cover that bolts to the engine case, not the tin outer cover. The early models (70 thru 75 or 76) had shorter clutch packs and the early clutch covers protrude into the case an extra 1/4" in a couple spots, mainly at the back of the screw bosses where the outer (tin) cover attaches. The bolt patterns are the same (where they bolt to the cases) but the extra material on the early covers will interfere with the clutch hub, essentially "locking it up".
The later (77/78) 750's had a taller clutch pack and thus a slightly modified clutch cover. I learned this when I replaced my friction disks on my 78' 750 and had a chromed cover laying around and said "hey, that would look cool", only to find out form does not always equal function! Once I realized the problem, I was able to remove the offending material from the back of the clutch cover and all was well.