That piston clearance should be good: I finished a CB400F not long ago with the same clearance. The guides: it is not uncommon to run without exhaust seals, more often on racers than not, but even on the CB750 Honda didn't have seals until sometime during the K2. This doesn't cause the sort of oiling you are seeing, though, in any case. It has to be then guides in the +0.006" range of clearance before they start making a mess like that.
Next, I'd suspect something like seals that don't? They can leak into the chambers from the head gasket: on the 750 this often happens when the [in]famous oil galley O-rings don't seal like they are supposed to, or when the head gasket itself fails to seal around those same passages. This pumps the oil into the center 2 cylinders, and the misfire they suffer then causes the new rings in the adjacent cylinders to flutter and pull oil as well.
Uh...I just had a thought: the 350F/400F has little (often green-colored) O-rings that go underneath the guides. Many years ago I helped someone who had installed new (bronze) guides that ended up with a similar oily engine: it turned out that the O-rings were left out, and despite the tight fitting guides in the head, it was pulling oil like mad past the guides. I made a relied in the bottom of )new) bronze guides to fit the O-rings and he installed those: that fixed it. I honestly don't remember if it was the 350F or the 400F, but it was a aby Four, I do remember that much. Does yours have the reliefs under the guides for the O-rings? It is a shallow round-ish notch around the base, pinches the O-ring between that little flange and the head.