I had the same trouble with my 74. What was happening was because the brake piston bore was pitted and destroyed by corrosion and crud when you pull the front brake lever to apply the brake and then release it. The caliper piston will not back off as the pressure is released. It only moves a small amount and is nearly impossible to see with the eye. The same thing happens with car disc brakes, you apply them and instead of releasing they lock up on you. The other thing you have to make sure is you adjust the front caliper screw just right. Too much either way and it grabs or locks up. My bike was a bugger to get it right, but I finally got it. Have your bike on its center stand with a jack stand holding the front wheel off the ground. That way you can apply the brake, and check that the wheel stops and then releases as it should. You have to keep in mind our bike are almost as old as we are and the parts can go bad just sitting in a garage. My favorite line when reading adds here in California when some dummy is selling an old bike is "It ran when parked" Yeah 40 years ago. Depending on how your bike was stored you may get lucky and just need to clean up that caliper bore with some gentle scuffing and make sure to clean the seal groove perfectly. I also had to buy a new piston $105. US ouch.
I completely rebuilt the master cylinder, I also replaced the outboard part of my front caliper the piston and seal. The bore and the small piston can wear and also if water and dirt gets in there that bore gets pitted corroded and ruined. That is what happened to mine. Brake fluid attracts water like a sponge. Never leave clean brake fluid bottles open to the air or your just going to ruin the brake system with water contamination. I also replace all the front brake hoses, its not a good idea to ride around with 39 year old hydraulic brake hoses on your bike. CMSNL or David Silver has all you need in NOS.
Good luck!