Up until 1974, Honda did not have a "model year" policy, so bikes were typically titled by state agencies on the year the bike was sold. 350F's were first sold in 1972 and 1973.
I suspect the bike was mis-titled at some point in the past - it happens often. Might be a simple mistake, but might also indicate that the shenanigan was done at some point to get a title for the bike. According to Honda, the first CB350F was first released in 5/72.
I have a CB750K1 that is titled as model year 1972, but the frame and engine number are definitely K1's that are typically titled as 1970 and 1971 bikes. It was probably first sold in 1972 and titled as a 1972 at this time.
- Mark