I would not remove it either. It seems to me like an aftermarket accesory, not a homemade gadget. Furthermore, it probably run only in the very early models as it would not fit a long chainguard. I guess the fitting instructions directed to make a hole in the plastic chainguard and plug it with a rubber plug, to use it as inspection hole -that's the way it normally goes with full-enclosed chainguards. Even if you remove it, don't trash it.
Thanks for posting, this seems like some cool CB750 trivia.