Thank you. The original sprocket plate for this motorcycle was is larger by 1/2" in dia. than the one in the pictures, but that sprocket may be done. Also found some answeres by Hondaman:
That plate is a part Honda called a "splash guard". It was supposed to help reduce the oil slinging from the chain at the rear and help keep the bike cleaner. This was due to the early 750 having a high oiling rate from the countershaft's oiler, due to lower gearing and larger oil settings than the later bikes.
If you have a genuine Honda rear sprocket, that sprocket has a recessed face that is the same depth as the thickness of the stamped steel used for this splash guard, so the overall sprocket thickness with the plate installed is the same as the width of the sprocket teeth. Aftermarket sprockets, including the current crop of JT/EMGO units, do not have a correct recess: it is too small in OD (or nonexistant) and the guard ends up too wide from being stacked on top of the sprocket, often scraping the inside of the chain gaurd. Many have thus been removed. 
I got this 48 tooth one from Dennis Kirk by mentioning the correct year and model. Should I not be using it if I don't have chain guard?
Also, can anyone walk me through installing the rear wheel in steps please?
Thanks.
-K
If the sprocket has a recess on either side, the recess goes facing outwards. Otherwise, if the sprocket is designated for a CB750 then I wouldn't hesitate to use it. As HM mentions, later, aftermarket sprockets often do away with the recess to keep costs down.
The guards/plates are completely superfluous and are often discarded without harm.
As to install, 2 methods. The swingarm end pieces in place or not in place. Also, do you have an endless chain, or a chain with a masterlink? I prefer to have the end pieces out and use a chain with a master link. This is the method for a stock 4-4 exhaust system, but I'd still use it for any exhaust. Assemble the wheel completely, with axle and chain adjusters in place, with axle nut lose. Offer the assembly to the swingarm, slide it into place. Put the end pieces on and secure them with the 8mm bolts, loosely, leave those bolts loose till the end.
Hook up the chain masterlink, the brake plate stay bar, then the brake actuating rod, with the spring, barrel and adjuster nut.
Finally adjust the chain. Once its adjusted you'll have pressure on the end pieces from the adjusters, time to snug down the bolts fixing the end pieces in place.
Now during this time the axle nut has been no more than finger tight. Actuate the brake. This will center the brake plate in the drum. While holding the brake, tighten the axle nut firmly. release the brake and tighten the axle nut fully to 70ft lbs or so.
I've missed some finer details I'm sure.