1. I'm planning on cleaning the carbs and replacing whatever necessary parts that typically needs to get replaced. Is it typically the gaskets that I need to replace when cleaning these guys? The PO stated that the 3rd carb needs to be cleaned because it overflows(?). Now i saw that for the 74-76 bikes, it's 4x part number 16010-323-315 that i should buy
It's the rubber bits that need replacement because hey get to hard to reseal upon reassembly. All these are contained in the kits you mentioned.
2. Will a 500 carb work on my 550? There's a guy selling a 500 carb and maybe it's worth just buying those and swapping it? (it is reasonably price).
Yes, it will "work". But, note the the internal parts and adjustments are tailored for an engine with less displacement. Unchanged, the 500 carbs will provide richer mixtures in the low and midrange throttle positions when used on the Cb550. These differences to often to subtle to notice for many, accept for diminished fuel economy, and spark plugs that develop more soot deposits.
Is there anything else i should keep in mind?
If you are pulling the cylinder head cover off, pay attention to the installation warnings, lest you bend valves and ruin the valve guides.