Actually, the front sprocket will always have side to side free play on the shaft. As far as I know, sprockets don't come in thinner or thicker sizes, when I did the conversion on my '78 750K (now sold) everything went together very well without spacers, at least on the front. The rear wheel needs to be spaced slightly.
The reason that most people I know of that have done the conversion is because a 630 chain on a '70's vintage 750K is overkill. Also the ratio's Honda came up with for the sprockets make it less quick than the pre-77 bikes. Therefore, when I did the conversion, I simply used the pre-77 sprocket set up, and used a large washer as a spacer to push the rear wheel to the left slightly to make everything line up. Also, the price difference between 630 chain and sprockets and 530 chain and sprockets, and the easier availability of a 530 chain/ master link made the decision an easy one. And if you need just a little more persuasion, the whole set up probably weighs 5 lbs less than the 530.
P.S., you didn't buy your '78 from someone in SC, did you? Just in case it was mine from a couple years ago.
Chris in Boston