I took the chainguard off my current project, but I'm still debating it. If I was the only one to ride my bike, I would leave it off... period. My risk - my choice. However, since I will be riding a passenger occasionally, I would hate to risk hurting someone else due to my choice.
On the other hand, if you run a modern high quality chain (ex: DID, RK, etc), that is made to handle the power of modern sportbikes (ex: 185 claimed HP for the 2007 Suzuki GSX-R1000), I think you are fairly safe with a vintage bike with about a third of that juice. Although, I'm sure other factors can play a role, like proper adjustment and maintenance.
You can do it, but the dilema is trying to determine the actual risk and whether that risk is worth taking or not... and for what gain? Only you can decide.
--xTalon