Hmmm again!
The stock pipe that came on the bike I have (that suffered in a crash and has the #4 pipe mangled) is as you describe, with 2 clamps. The replacement I bought from another 76 where the owner installed an aftermarket system (this was in 1980 or so) is welded. It may be a copy of the stock system but if so the collector box is almost identical to the original, however it's rusted to crap while the original one still looks fairly OK except for the mangling.
Jeez, if Honda had made the #4 pipe removable it would have been a bunch easier to fix a scraped exhaust.
Why do we park on the driveway, drive on the parkway, pay tolls on the freeway, and have to be sober on the highway?