Did you check your plugs after a plug chop? If it was just after riding it around for awhile, the color of those plugs would depend on where you spend most of your time on the throttle.
Is there a baffle in your exhaust? If you have a pretty open exhaust, and pod air filters, it seems to me that 120 mains are a bit too small, especially if you have the needle at that position. Your needle affects mostly in the 1/4 to 1/2 range of throttle opening and your main jet affects about 2/3 and up. There's a lot of info about this around here.
Coughing from the carbs and a popping exhaust indicates a lean condition, or possibly out-of-sync carbs. Try going down to the middle notch or below on the needle and see if that fixes that small-throttle coughing. If you're still bogging down at more open throttle positions, go up a main set size. You might have to then fiddle with the needle a bit more to find that 1/2 throttle sweet spot keeping in mind that at that range, both the needle and to a smaller extent the main jet affect the mixture.
Oh, and as for your cranky idle, well, I used to have a similar problem. Do the carbs on the 77 CB750F have an idle mixture adjustment? Lower your idle to ~1200 rpm with the idle screw when the bike is nice and warmed up. Start with one carb and turn that screw 1/4 turn at a time until you find where the idle is the highest. Lower the idle back down again with the idle screw, and repeat the procedure until there isn't a real difference in idle speed if you turn that screw 1/8 turn either way. Do that for the rest of them.
What you're going to find is you'll probably be richening up your idle mix quite a bit. This will improve your low-throttle running as well as help your bike idle while cold, so that it idles at a speed comparable to what it does when hot.
At sea level on my 70 CB750K with pods and an open Kerker, i have 125 mains and the needles in the middle...
Wow, carbs, such amazing chunks of metal... can you tell I've been spending a lot of time on them lately?