Okay, I'm a pretty positive guy but I figured this thread could be a good place to vent about the stupid crap prior owners have done to our rides. Personally, I inherited a bike with some very un-ingenious simplified wiring. All of the signals were converted to single wire where they don't retain the factory "running light feature" and turning a signal on means it doesn't blink. so, to indicate a turn, I have to repeatedly tap the signal in the direction I want to go. I'm curious to see what other examples of shoe-string engineering others have inherited on their bikes.
Josch
Im not saying the PO didn't botch some stuff up on your wiring, but I believe the earlier model years did not have running lights (check your bulbs - if they have only one element they are not running light-type). But as mentioned in the first reply, one way or the other, the running light has nothing to do with your signal not flashing. I'd check for a good ground connection in your signal lights first (most common culprit), and then replace the flasher if the ground doesnt solve your prolem.
I've looked over several wiring diagrams specific to the 1977 CB750F (F2) and there are three leads to each of the front signals, my bike has only one. The running lights don't work and the turn signals don't blink. If I turn on the switch in either direction, both the front and back signals for that respective direction come on solid. This leads me to believe that the PO used the running light "circuit" solely for the signals and wired the turn signal switch to act as an on/off. To indicate a turn, I have to repeatedly tap the button lightly in the direction I want to go. This is much more than just removing the running lights, its removing the functionality of the signals altogether.
Ok, yes the 77's were supposed to have running lights. But I still say check for a poor ground connection. There is only one wire (the hot) put into the signal-circuit, as it is relying on a mechanical rather than electrical connection from the signal light housing to the forks/fork ears to establish a ground (some models did this). Remember, if there was only a single wire and no ground whatsoever, the lights would not come on at all - solid or not.
An easy way to check your ground connection is to put the signal light "on" so it lights up solid. Attach one end of an alligator clip jumper to the pinch-nut on the signal light housing, and run the other end of the wire to a good ground point (the fork uppers, engine, etc, etc.). If the signal starts flashing you know you had a bad ground - which as I said before, is by far the most common cause of the lights lighting up but not flashing.