hmmm.... interesting problem. My 78 750K8 does the same thing.
I'm in the process of overhauling the caliper, because it was sticking, too. Separate issue. But, I took the whole arm off, and as mentioned, greased the pin that holds the arm.
On the other hand, I'm not sure I understand how that would cause the problem. I mean, turning the forks SHOULD turn the entire assembly an equal amount - forks, wheel, disk, caliper, arm, etc. Why should turning the wheel cause the brake to bind?
On the OTHER other hand, someone mentioned to me that a worn wheel bearing can cause this, because turning the wheel can load/unload a bad bearing, and the slop could allow the disk to cock within the pads.
Hmmm....
Not sure either of those explanations ring true. I'll let you know how mine reacts once I get it back together. Plus, my own front wheel bearings were in very good condition. No slop at all.
Actually, come to think of it, the front end of my bike IS back together, the bike is just waiting on the carb rebuild in progress. But, maybe this evening I'll just push the bike out and around and see if the binding problem has been cured.
Hmmm.......
Kirk