Thanks for all the suggestions guys.
After cleaning out the slow jets with a spare E string from my fiddle (which were very clogged), and cleaning all the passages with carb cleaner and compressed air (twice) - I had the very same problem. Bike idles fine, dies if I give it fuel, but not if its choked. Hmmmm
So i get off my butt and do the valves, change the oil, set the points (twice) and time it with an inductive timing gun.
Same problem.
So I buy a manometer from the folks at Vintage CB750 and set it up.
Ah hah! At idle I get about 17 CmHg on the vacuum for carb #2, which as I have learned is the baseline. The measurements for the rest of the carbs seem to be all over the place, as follows:
Carb#1: 21 CmHg
Carb#2: 17 CmHg
Carb#3: 14 CmHg
Carb#4: 25 CmHg
Now I've never done this before so I don't know if these measurements are significant or not, but I spend 20 minutes balancing all 4 carbs until they had the same measurement, in what was a totally simple and rather Zen process.
And guess what?
My previously sickly and impotent 750 now runs like a bat out of hell!
And sounds bloody awesome to boot.
Just wanted to add this tidbit of success to the archives for the next guy with some ill PD carbs.