Mini- Wrap the Koso gauge wire around the plug wire, as you mentioned.
Regarding the "intervention":
Take the MSF course. Take it again. Take it 3 times. It never hurts. When you get your bike running, use it in large parking lots to practice what you learned. Ride with other, responsible, mature, experienced riders who are willing to "lead" a new rider.
Regardless of your experience riding, riding safely is more about personality and attitude than it is about years or reliability of a machine. Wear proper quality gear always. A 550 is a beginner sized bike as long as you are 2x the size of a Hobbit. Modern 500s have equal or more HP, and even modern "small bikes" have more than enough HP to kill you. So I see no deterent to it all. Okay, maybe you don't want to trash your investment if you drop it, but then you know how to fix it, right?
I've ridden on the streets since 1978. I have never been down, never dropped a bike, never had an accident, and never a ticket. Am I lucky? Nope, just really well-prepared and endowed with good judgement. My first street bike was a CB360 (hand-me-down from an older brother who couldn't ride after all). I quickly moved to a 550, then onto larger bikes.
If the 550 fits your physique, ride it. But cut your teeth in larger open areas (after work in parking lots). Early evening hours, early morning hours when riding by yourself. Stay away from congestion and "drinking hours" when riding. And ride very defensively.
Now, get your bike built and on the road damn it or I'm coming out there to tear out that transmission I just sent