I have a 75 550 as well and changing sprockets and chain is pretty much straight forward and no big deal. I can't give you an accurate guess on how long it may take because when I work on my bike I tend to take my sweet a.. time, I tend to screw up if I put myself in a rush. The only issue you may have to deal with is rear tire alignment once you put the rear back on. If you're already confident that the rear tire is lined up well with the front before taking it off then don't mess with the chain adjusters any more than you have to. You will have to mess with them at some point being you're putting a new chain on but don't loosen them up randomly. Say for instance if you loosen 1 adjuster 5 full turns then loosen the other at exactly 5 full turns as well. Once rear tire is in place and it's time to draw the slack from the chain then turn each adjuster in equally as well. I usually do it in half turn intervals going from 1 adjuster to the other. Also make sure you pay close attention to how the rear axle spacers are positioned as you're removing the axle.