Yeah, I'm old. I was a Honda mechanic at Pasadena Honda and SouthWest Honda from 1968 thru 1974. Got to see the introduction and the early refinement of these fours firsthand. Got my certificate for Honda Technical Training in Atlanta in 1970. Road a Sandcast to the Daytona 200 in 1970 and saw Mann win that one. Supported my family working on them until changing to a Machinist career in 1975. Enough for the resume.
The Plate in question is NOT required and can be tossed if you desire.
Chains in the day did not have the tensile strength of today's chains and the side plates and pins would stretch quickly from the 750's power. The Sandcast and early K0 chains had a master link with a removeable clip so you could "open" the chain to remove the rear wheel. The removeable clip was supposed to be installed in one direction per chain rotation. The clip could be slung off if the chain side plates stretched longer than the clip could accomodate or if the removeable clip was installed backwards. Many of the "broken chains" were not actually broken but rather the master link would fall out. Honda introduced the "riveted" master link to prevent this. The plate on the rear sprocket was implemented to ease removal of the rear wheel with the "riveted" master link and subsequent "endless" chains. Sure, you can move the chain to the inside of the sprocket and accomplish the same thing and score up the aluminum sprocket carrier. Or, remove and replace the riveted link with Honda Special Tool 07062-30050. The plate was implemented beginning with SN CB750-1026845.
All the gunk that accumulates on the rear wheel is comprised of chain lube, tire rubber, brake shoe dust, road grime, metal particles from chain and sprocket wear, and who knows what else.