Problem solved, but I'll chip in anyway for future reference. After having had the motor of my 750 K1 out to do the head gasket, I stored it upside down on the workshop floor for a few days to clean off 35 year old gunk. As guru HondaMan stated, this will drain oil out of the oil pump, and true enough, it kept on leaking oil out of every available orifice, long after I thought it must be empty.
After reinstalling the motor, I couldn't get oil pressure, despite continuous cranking and the onset of mild panic. Then I figured it might have to with oil having drained out of the pump and an air block. So I took it off the mainstand - which you would use when removing/replacing the engine - and put it on the sidestand. Then after a short amout of cranking, Lord Be Praised, I got oil pressure. I guess the air bubble moved enough so that the pump could do its thing. If the sidestand isn't enough, maybe you could lie the bike further down on its side to move that bubble - easier than removing the pan and pump.
- Henning