Those numbers are still low. Bike will likely run, but if those numbers are accurate, its time for at least a hone and fresh rings.
The 3/4 numbers might suggest a headgasket leak between cylinders? I'm not the expert. Only way to know 100% is a leak-down test. The penultimate compression test
You put compressed air into the cylinders and see how many PSI it holds, and where it's leaking out.
If it leaks out of the exhaust port (while at TDC) your exhaust valve is leaking. If out the intake, the intake valve is leaking. If out the open dipstick port, it's getting past the rings. If out of the neighbor cylinder's open spark plug hole, you have a gasket leak between cylinders.
It will probably be difficult to get it running well, carbs sync'd etc. But you might get it there. Nice thing again about the CB550 is you can rebuild the engine in-frame, so keep on trucking. Get the bike sorted, and rebuild it if you have to with one of those kits.
If you're on a massive budget crunch, then taking the cylinders and pistons into a machine shop will help tell you if you can get away with just rings and a hone, which you can do yourself. You need someone to measure the pistons and cylinders to see if they're still in spec. If not, you're into a fresh bore which you'll need new oversize pistons for like in those kits.