It is the kickstart engagement gear. I went through this EXACT issue with my '74 CB550.
There is a stamped steel part that has a built in ramp. This ramp acts on an engagement cylinder, and pulls it away from the gear that is nearest to the outside of the right case.
When in working order, the ramp disengages the two mating assemblies when the kicker arm is in the "up" position. If the ramp gets bent, the gap is decreased and the two will rub their unidirectional teeth. That is that awful sound you hear. If you continue to use the kickstart it will only get worse.
You may think you can fix it by grinding the forward stop lug on the kicker shaft after removing the clutch cover only. It doesn't work. Trust me. You will still have not fixed the bent ramp.
You will need to get another ramp (they are cheap) and they usually come as a kicker shaft assembly (ebay etc.) Many used kicker shafts are bent so be aware.
I hate to say it, but you are going to have to pull the cases apart to fix it properly. You cannot access it if you remove the pan.
What causes this? 80% comes from releasing the lever and letting it fly upwards, and 20% from kicking too hard and fast. I am just using these percentages to illustrate my point.
When you kick, push the kicker arm down a few inches slowly, this allows the ramp to release without loading the engagement cylinder and fighting itself (bending the ramp). When you release, don't just let it pop up, ride it up with your boot.
The stamped ramp is wimpy, and Honda obviously didn't plan for it to be a primary way to start the bike. My bike is kick only, and when I was having ignition trouble, I kicked it too hard and fast all day one day, and actually heard a "pop" as it bent and impacted the ramp.
I replaced my ramp assembly, kick mellow now, and she is working great. If your bike is tuned right, you should be able to start it with baby kicks, just a quick little push will do the trick.
If you pull your clutch and rotate the basket's shaft you will hear the ratchet sound. I am 110% sure this is your issue.It sucks busting the bottom end apart, but it has to be done if you want to get rid of that sound.