I admire the 750 guys for trying to help us lowly 550 guys, I really do. But, I can't accept that an oil cooler is needed on a cb550 four. Really guys, I've been running this bike in California since 1976 in commute traffic and none of mine have ever needed an oil cooler.
1. We don't know why your oil light is coming on. But, it could be a faulty sensor or low oil pressure.
2. We don't know how old or what type oil you have in the bike.
3. We don't know how hot your bike is getting. And, if so, has the oil been damaged to the point where it will no longer maintain it's viscosity.
If you are running cheap oil, well, you're getting what you've payed for, I guess. And, I'll just wish you luck.
If you have good oil and you ARE overheating. (The stiff shifting is a sign, by the way, of either oil breakdown or overheating, or...worse things list here), then you have to examine possible causes:
1. Is the spark timing correct?
2. Is the oil of the correct type and quality? (see my previous post)
3. Is the fuel mixture correct? (Do you have pod filters?)
If your bike IS getting too hot, one visible teltale will be the spark plug condition. Pull them all out and compare them to the pictures at:
http://www.dansmc.com/Spark_Plugs/Spark_Plugs_catalog.htmlTell us what picture they look like and tell us what the numbers are on your plugs.
Also, tell us what modifications you have made to the bike that make it different from stock.
Good luck!