There's quite a few (inordinately so, by population) CB400F bikes here in the Colorado Front Range area: they are popular as canyon racers. They also have LOTS of miles on them, like 60k is very common, and more, still in OEM shape (in the engines). It's a fine engine, inherited all of Honda's (customer abuse type) experience with the 550/250F/350F series bikes. It's also a pretty tough engine.
It does tend to sound like it's about to grenade when it is running unevenly, and I have noticed that is when they also smoke. Getting the timing right and the carbs synched goes a long way toward removing that symptom. The symptoms may be more like it's 'bark' than the 'bite' caused by ground-off grit from the tensioner backer strip.
If you take it apart, don't change the piston rings unless you do a full rebore with new oversize pistons (and come back here for proper advice on that topic, it is VERY easy to do the Baby Fours wrong). Chances are mighty slim that this grit did any severe damage to the bores in the short time it's been thru this engine, due to your diligence in chasing it out. The oil filter kept it out of the bearings, catching it in the filter for you.