Won't be able to see the 550 in person till weekend or later because he's out of town. Here's the email he sent me and I have since verified that he has all the parts he removed but sounds like could be real project.
Paint is good, and the bike has a custom paint job that really keeps the shape of the bike. Emblums shaved off tank and fenders with a black and blood red classic look. Yhe paint on the tank has a small ping on the left side that chipped a pebble size of paint fleck off of. The bike ran well for me for 3 years after I bought it from another individual. When I got the bike it was a turd brown with big clunky emblums, seat and windjammer. That is not my style, so I removed the ferring, seat (not rebuilt yet), and had it shaved and repainted. In the summer of 2008 I attempted to charge the battery on the motorcycle (Note to self, remove battery from bike when charging it) only to look up to see white smoke coming out from under the seat. BUMMER! I ordered a new harness off of E-bay and it was more fried than mine was. I kept the bike around, cause I love it for the miles and times that it has given me. Needs; New tires, chain, sprockets, seat, and whatever you deem necessary to make it your own. I have removed; blinkers, guages, tail light, fenders, front brake for customization (back brake good) and is in the middle of being my bike I once loved and then some. She always ran well when she was running as far as the engine, but needs wiring and TLC.