If I was looking for a running 550 and this one came up, I'd say it's missing the stock pipes, needs carb work, and probably a new oil pump, and offer him $700. If he counter-offered $800, I'd take it. But that's just me, and only if the paint is stock, in good condition, and with stock side covers.
The problems you mentioned could be very easy and cheap to fix, or they might not, but there's no reason to let the seller know that.