I did it on mine. There is quite a bit of work to do including moving the petcock 6 inches forward to clear the 550 carbs. You will need to refashion a mount for the rear of the tank (both on the tank and on the bike), and the front mounts on the bike need to be narrowed by about a half inch on each side. And there will likely be a lot more work once you see that you don't quite like the height of the tank on the frame and need to figure some new arrangements out.
Although I LOVE how my 500t tank finally came out after all that work....If I were to do it all again, I would probably pass. I think the right paint scheme, adding rubber knee pads, etc. can get the 550 tank looking pretty sharp.