A couple of things. First, be sure the pads aren't worn down too far to cause the pistons to over extend to the point that they get cocked in the bores.
Second, take it apart and clean it out really good. Replace the seals and the "O" ring that goes between the two halves, flush the whole rear system out really good and bleed.
BTW, the '75 and '76 (as far as I know) are the only two years that used those rear calipers on the 750F. If you have the stock rear brake hose, replace that too.