Ok, it seems that I successfully started the topic, so here are some details.
This is my first motorcycle and it has been great for its intended purposes to date. My daughter learned to ride on it this summer and now that she is back at school I have been enjoying the project portion of the purchase.
My only intent with the bike is to get it in good, reliable running condition so I can tool around the neighborhood in the evenings and then to tinker with it in perpetuity. But after reading some of the other 550 projects here in the forum, I am glad to see that my urge to tear it apart and put it back together better, stronger, faster, and prettier over night isn't unusual.
Here is the project schedule that I have come up with for the fall 2013 - spring 2014 time period. You will see the word 'acquire' used a lot here.
Sept. 2013: Acquire original rims for the bike. The bike currently has Kawasaki KZ550 circa 1980 rims. I actually like the look of the rims, but the PO didn't do any machining or detailed spacing to make the wheels fit properly and all the special adaptions is more than I want from the project. Plus, I want one stop shopping for parts. I am currently bidding on rims on ebay.
Oct. 2013: Acquire new tires for the rims.
Nov. 2013: Acquire new rear brake shoes and a new front axle.
Dec. 2013: Acquire proper spark plugs. Acquire carb rebuild kits.
Jan. 2014: Rebuild carbs.
Feb. 2014: Figure out why the bike won't run anymore.
March 2014: General tuning.
April 2014: Riding and tinkering. Consider cosmetic changes.