So I did more looking around and its not coming from behind the sprocket cover, it comes from the carbs. Yes,carbs, this leads me to believe its probably not metal on metal knocking but rather air being sucked in louder than I would expect therefore making that sound resembling a constant popping/knocking sound? I used a stethoscope and I can def hear the same patter when I press it against the outside of the 3 & 4 carb bowl.
But to answer the question anyway - The sound does not go away when clutch is pulled in, it speeds up with the revs although hard to hear since bike runs louder as revs go up. This is a 1973 cb750K