The HM 300 pipes were the original exhaust design for the CB750, used for the first few years of production (the earliest few had no numbers stamped on them at all). They are essentially an open megaphone pipe with a small glass-packed diffuser in the end. Remove this diffuser and you are basically running an open pipe.
The HM 341 pipes were the later, quieter version. They had a series of metal baffle plates (earlier ones have 5 baffle plates, the later ones had 7.. count the number of rows of spot welds on the backside) and perforated tubes, similar to an automotive-type exhaust. They quiet the sound more and consequently are more restrictive than HM 300 pipes. The little "diffuser" cap on the end is all you can remove.
There is a post on here from HondaMan about how to drill out part of the baffling in HM 341 pipes to reduce the backpressure yet keep the quieter sound.