Hi Kevin thank You again for your precious informations and your commitment.
from today I'm away from motorbike for one month circa because I'm in a business trip (and previous days was too cold to work outside...)
By the way the difference between 203mm and 197 mm is roughly the space is missing to the rubber wedge to hit the frame of the fender in correct position.
Have you tried loosening the fender bolts, lifting the rear edge, and retightening?
Next steps I will try to do it or to charge the motorbike with two heavy weight fellows to understand if there is the potential contact of wheel on fender (I never switched on and run the motorbike yet but this another story...)
Another option is to use a couple of not planar washers to gain some of the lost inclination.
Picture 5 That last frame tab looks like it is turned down a bit. Has your CB had a frame repair?
Onestly I don't know ! I bought nowadays the bike and this in the past has jumped in the hands of many owners... What I can say is that the frame has been painted and each welding seems ok to the original except for the transverse beam where the welding aspect is much more irregular and "fat".
I analized many photos of other cb 750 k and the welding in that area is very thin and precise except for my bike and ... yours ! Did your bike has been modified too ?
Thanks for your help