It's not possible to be certain of huge cause of the discoloration simply by looking at the head. It could be rich, it could be poor timing, it could be.... The exhaust valves often tend to look more "lean" due to the fact they are post-combustion. Did you happen to look at your plugs prior to disassembly? Was there a compression check? A leakdown test? If not, best to start taking micrometer measurements of the cylinders and pistons, ring gaps, clearances, etc. That way you know what condition your block is in and check the valves, guides and seals in the head.
Ya, thats what I figured. Last compression check was about a year ago and everything was perfect. (Done by local shop). I have to keep investigating.
The 77 and 78 f bikes have valve issues. They wear out guides prematurely. Looks like your a head there is a victim. Time for a head rebuild.
This bike had a whole top end rebuild in 2011 (by forum member Mandic). Got all new valves, springs, 836 kit, etc all from Cycle X so it no longer has the stock F2 valves that cause issues, but there is obviously something not quite right.
One thing I do know is when I'm on the highway (going about 70 mph) it seems there is a vacuum that gets created and the carbs have a harder time getting air and the bike can run rich. (The carbs have velocity stacks). I saw another post where a guy had the same issue on his hot-rodded 750. The only solution for him was to get new carbs. (Unless of course he just put the stock air box back on.)
Found the thread:
http://forums.sohc4.net/index.php?topic=40895.0