Thanks, Stev-o and frankenfe, for the welcome.
Although it looks extremely clean in the photo, it does have some surface rust on the frame, swing arm and fenders (underneath). The paint is not original, but a second rattle-can color from what I've been told. When you get close to the tank you can tell is wasn't professionally done. This is why I have absolutely no problem having it and the side covers repainted professionally in gloss black.
Since I bought it I've had priority #1 addressed: front front brake pads installed, as well as the part (sorry, lacking the name at the moment) that prevents the assembly from shifting. Yes, the previous owner rode it without front brakes.
Secondary issues were/are malfunctioning indicators (not blinking) and brake light (not coming on). Both were fixed, but the problem keeps coming back, so for the time being I'm manually flashing the indicators. As for the brake light I'm just keeping a close eye on the vehicles behind me.
, I know.
A new rear tire (ME-77) has been installed, as well as engine oil/filter change. It also got a light carb adjustment. I say light, because the mechanic wasn't well acquainted with vintage bikes, but he did make a difference. Before it used to bog down frequently, and now it's just during start/warm up. This winter I plan to have both the carbs and jets cleaned and followed by a full adjustment.
I personally put in a new air filter, adjusted the chain tension and replaced the worn/sticky grips and have been occasionally buffing out engine oxidation and removing grim and surface rust. It has a way to go before looking really sharp. As much as I love cafe racers I'm choosing to go the less invasive route--mostly due to practicality. At present it makes a great mid-distance bike, and I can't afford to have a second bike (cafe) just for short distance, thrill riding.
Stev-o, here's the current plan:
PaintI'm inspired by the new Triumph Street Triples with a textured, dark grey frame, semi-gloss or satin black engine and handlebars painted silver. The tank and side covers will be some shade of glossy black. It's subtle. I want the bike to have a dark presence--maybe similar to Wrenchmonkees' bikes. Forks, hubs (maybe partial) and rims will be painted black with stainless steel spokes.
I may tone down the chrome as well by replacing the fenders and chain guard with black ABS (if I can find everything). Not sure if I want to paint over the originals. They are rusted underneath, but I can always mend that with POR 15.
The engine color scheme is difficult to decide on right now. I'll probably make some different variations in Gimp (like Photoshop, but
free) before finalizing.
Partsfrankenfre, I agree on the euro style bars. Fortunately, the previous owner had a friend machine them to run wires through--a nice feature.
One or two 4" Rotating Adjustable Mirrors from DCC:
Fork gaters
Less obtrusive indicators/brake light
Headlamp: I have this crazy idea of running four, small extreme white lights in a square configuration rather than the traditional single or dual headlamp. From what I've read/been told the CB550 puts out 200-240 watts at peak charging. I need to do some more research on light systems to see if this is feasible or not. If it is, I think it will look awesome, and maybe have better visibility as a bonus.
Remove tach and dummy lights: I'll design and have a custom mounting bracket machined for a centered speedo. Another project is to remove the speedo faceplate and replace it with a clear, maybe smoke colored, plate to reveal the underlying mechanism. An additional consideration is a custom oil light.
That's all I got for the time being. It will be a slow project, but I will be documenting as I go.