Finally, some relief! Unfortunately, it was a mystery fix.
I went down to the garage yesterday, determined to sort out this leaking carb issue. Pulled off float bowl #1 with the carbs on the bike. It had half the amount of fuel it should have, this is after it sat for a few days. I checked the float height and turned on the petcock, holding the float at 22mm, no gas made it past the float needle. In addition, no gas was coming out of the airbox, which usually happens when I turn on the petcock.
I then went to carb #4 and it had twice the amount of fuel #1 had. I performed the same test, still no leaking. "Well this is a first, the bike is acting like it should" I put the float bowl back on and turned on the gas. No leak. I wheeled the bike out of the garage, full choke, started right up. Still not leaking. Let it run at 3K rpm for a few minutes before dropping the choke fully. Still no leak! Let it warm up for another few minutes, the bike idled nicely around 1,200K.
I took it up and down the block, ran well, no leaks. Put it on it's side stand, still didn't leak. I then got bold and took it out for a 10 mile ride, made sure it was up hill, so i could coast home if need be. It made the trip and ran well, idled smoothy. I turned the bike off 3 or 4 times, just to see if anything would change after re starting it. It acted like a normal 550 should act.
I'm going to run some techron carb cleaner through it, since the only solution I can come up with, is that some of the carb cleaner I was using finally dissolved something that was in the carbs. It's hard to trust a bike that was leaking gas and running poorly, then after a few days it runs great. Especially when I didn't change anything, I was just checking the float heights.