3K tuneup was just done this spring. New paper filter. Sprockets are stock. Tires have 32PSI front and rear. Bridgestone Spitfire (100/90-19 front, 130/90-17 rear).
Jetting is stock for the carb stamp, 40/120 middle clip. 26mm float height. All jets are clean, all bowls are clean, etc... just put the 120s in two months ago, and gave everything a good once over.
There it is.
The post-1974 bikes have the following jetting, which matches their cams and spark advancers:
40 idle jet, air screw at 1.0 turns out.
105 mainjet, needle in 4th clip from the top.
The 120 mainjet with needle in center clip was dropped when the cam duration went below inlet +3 BTC opening. The very latest 750 I ever saw with a #120 mainjet from Honda was a K1 from the Old Factory, circa 1971. They went to #115 in 1971, then #110 in 1972 when the HM341 pipes and smaller-slit airboxes appeared, and to #105 partway through 1973 (K3 model). I have not ever seen a virgin 750K4-K6 with more than #105 mainjet and #4 clip position, but have seen a few with #3 clip position (still had #105 mainjet).
The tires: metrics should be run a bit higher than the 32 PSI mentioned, usually: 34-36 nominal is normal for a 150-lb (dressed) rider. I have a Vetter fairing aboard, and need 38 PSI front to support it: the rear is never less than 36 PSI with metric sizes, too. Most of the time I run 38 rear PSI unless carrying another person: then it goes to 40.
In 1973 (or it may have been early 1974) Motor Cycle Magazine had an "ex spurt" write an article about "Tuning the CB750 carbs". In this article, he espoused how "most of the lost horsepower in the 750 has come from Honda leaning out the mainjets to make them appear to be the 'good guys' by improving MPG on this bike."
That guy was so full of BS I could smell it in the ink on those pages... But, this started a lot of people down the trail of installing bigger mainjets, because it is easy to do and makes the bike feel stronger (until the plugs foul from too rich mixtures). It also washes the lube off the valve stems and shortens the valve guide life. For the Saturday Night rider, it improved the stoplight-to-stoplight times, which could have been better done with a smaller countersprocket and the normal jetting...
You may wish to try the #105 or maybe #108 mainjets. Also make sure the sparkplug caps have the correct resistance (and are within 500 ohms of each other on any one coil). This should at least get your MPG into the high 30s for in-town riding.