Shoot. Ok, so the CB750 engine needs to be removed from the frame to do anything to it at all beyond adjusting tappets.
$300 is CHEAP for this job if he does:
Remove the engine
Tear down top end
Replace rings
Rebuild top end with new gaskets/o-rings as needed
Put the engine back in the bike
It would take me 3+ hours probably to get the engine out! $300 at $70 hour most shops charge is only 4 hours labour so you're doing good for the money.
How does the bike run? Doing all this entails resetting the timing which should be quick for the mechanic to do. Are the carbs in good shape?
Check in at www.westernhillshonda.com for parts for the bike. Also don't shy away from calling your local Honda dealer.
$30 / set of rings is a decent price. You'll also be into honing the cylinders which will run about $20-$30 per hole.
So...
$300 labour
$80 gaskets/o-rings (easily - might be more)
$120 rings
$100 hone
$200 valve job (disassembly, cleaning, lapping valve seats, checking guides, reassembly)
If you get away with that you're doing well. I'd gladly pay a pro $300 labour vs. doing it myself, especially on the Honda 750 given the engine removal. If he's including the valve job in his $300 price, then jump! How well do you know the guy? Beware the $300 quote becoming a $900 reality when you go to pick up the bike because you and he had different understandings of what was included.