I've done a lot (a LOT) of post-build startups of the 750. When I've had the white smoke issue, it has always been due to some amount of oil somewhere getting into the cylinder(s). I run the engines for 10-15 minutes (about 1 quart of fuel) to see if they straighten up: all but 2 have done so as the oil rings sorted out their contact with the cylinders walls.
The 2 that did not were:
1. The oil rings were apparently faulty from the supplier. This is EXTREMELY rare, and the only time it ever happened to me: it was with Honda's own 3-piece oil rings on 2nd-oversize Honda pistons (0.5mm oversize) in a near-sandcast K0 engine. After the owner re-changed the oil rings, they seated almost immediately. The symptoms included also some spitting of oil from the open rear engine crankcase vent that had not yet been connected. Later on I discovered that there are 2 possible widths of these 3-piece oil rings, and the 'faulty' ones were most likely the thinner ones. How they came to be in Honda boxes as a ring set is still a mystery at this point, about 4 years later.
2. I attempted (against my experience) to 'help' someone out once by simply having his bores de-glazed (at a machine shop that does all my work) for $25 instead of being bored for new pistons, and then installed new rings, with 3-piece oil rings. This one spewed white smoke from startup and filled my garage with it, almost solidly after 10 minutes. I re-pulled the top end and installed some 1-piece oil rings I also happened to have (this was all in stock bore sizes) and ran it about 25 minutes, getting less and less smoke as the time went on. He had to pay for the 2nd head gasket, but rode the bike for the 3 remaining college years he had. I don't know where he, or that bike, are now, but it finally stopped smoking with those 1-piece oil rings. It was a 750K4.
I don't often see white smoke from loose exhaust valve guides, and those K1 guides that have the pointy tops and no valve seals on them can last over 100,000 miles (mine went past 126k, just started weeping a bit of oil then). They are made from Stellite, a cast iron metal that is nearly hard as glass! If the exhaust guides have a place for the oil seal (shorter, and with the groove) then you may want to install some fresh seals. Believe it or not, this can be done on the 750 (engine out of the bike) without pulling the head: I've done it myself. Gotta pull the rockers to get to the valve springs, and use a lever-compress type valve spring tool (I had one in my shop back then) and bring that cylinder to TDC so the valve won't fall down inside the engine, but it's possible.