Yes the 555 kit will work, and it's too bad the auction is over. It ended at $44 I think, which is 1/2 what I paid and 1/3 the current price for the kit.
It is available for $120 on eBay - search 'CB500* bore'. It works out to a 0.5mm overbore on the 550. I have one in my bike.
The 'bigbore' kit with sleeves looks interesting as well - caferacer550 - how did that work out for you? Did you use the sleeves? My concern is what do you do when it comes time to replace the headgasket?