Well I set up my 1/16" drill bit in the drill press, did a center punch mark in the center of the locator pin and slowly drill it, and watched it walk on me on an angle away from the pin center....Arg. Chucked in a 7/32" bit(smaller than 3mm pin size), put a wedge under the rack to try to get it to center, nope...it went at an angle also....ophhh. I'm thinking, now what??? We'll it didn't clear out the pin, but it did free up the action a bit. So I squirted in some LPS-1 greaseless lubricant(Mark's fix for corrosion in electrical connectors!) in the hole hoping that it would get in the groove and help. Yes it did! So I squirted more into the bearing surfaces on either side of the rack rod boss and worked it back and forth a bunch. I'm going to find a small set screw to fit in there to strengthen the remaining section of the pin, cap it and call it a win!
So thanks for all the replies and suggestions to get it freed up. Thankfully, I didn't have to try and remove the throttle rod to go further with it.
Great save!
As Honda kept building the 750 and the margin got smaller (thanks largely to the Kawi 900 in those days) Honda kept pressing their vendors for lower prices. Having worked at building machinery for the Japanese between 1991 and 2005, this became a familiar pattern there, too. The vendors responded by installing pins instead of drilling/tapping/custom setscrews, among other things. You can "see" this all across each type of these bikes (750, 500, 550, etc.) when you work on all of them.
But, the pressed-pin racks, grrr...I think I have 2 of those in the "if I have to use them" box in the shed. My plan on that day would start with a MAPP gas torch on the pin's site, followed by freeze spray (or a douse in cold water) several times to see if the pin would work loose. The casting moves a lot more than the steel, which was why Honda didn't like pinned things, usually. I guess the combination of Yen supply, new 'hotshot' young engineers, and increasing competition pushed the production managers to pin some of the racks.
...end of rant...