Yeah, but most guys go the other way when swapping top/bottom ends with these bikes - for racing. You get the 500cc class standing, and the stronger gearbox from the 550's.
I've thought of doing this myself though...buying a +3mm big bore kit, and having a set of 550 cylinders honed. It'd save on machining costs, which I have to pay for, and I don't have a spare, solid 550 motor to build up.