Since the center/side bracket that bolts to the underside of the transmission and clutch arm pivot rod are the same then it's PROBABLY (I've never tried it) possible to swap in the K75/K100 stuff on a 4V K but I suspect that you would need to swap in the entire K75 side stand (with the little silver plates) if you want the auto-retract feature. The K75 side stand isn't as sturdy but it would still probably support a 4V K OK.
It might also be possible to drill a hole in the little silver plate for the 4V side stand hardware to correspond to where that hole for the retractor rod is on the K75 silver plate.

As for how necessary it is, that's a matter of personal preference.
1) Some people get rid of the K75/K100 auto-retract mechanism because they don't like it and believe that it shortens clutch cable life. (Personally I like it on my K75s.)
2) Millions of riders survived for many decades without such a thing and no mass carnage resulted.
3) I've ridden off with the side stand down more times than I'd care to admit and it usually hits on the first left turn and retracts by itself while messing up the first left turn a bit. It's never caused me to crash. However, if your first left turn is taken at speed then it could cost you an ambulance ride.