Update:
The 1978 CB550K4 didn't fall out of the system, but I am working with a DMV expeditor to get me a title for the bike.
I also purchased Jordan aka KrautKoffin's entire project since he is preparing a move with his wife. I got a virtual treasure trove of goodies: frame, engine parts including spare ported head by Bob Smalls (local engine machinist), APE knife-edge crankshaft, cruzinimage big bore kit, cylinders bored by APE, spare head, 650 cam, wheels, spare rims, gas tanks (550, 350, 750K7), GL forks and triples, 2 sets of carburetors (1 with rebuild kits), Progressive shocks, spare triple tree, sprockets, reg/rec, etc. Jordan gave me an unbelievable deal, after I was unable to talk him into completing the build or to sell it to someone else.
My plan is to use as much of the go-fast parts (big bore kit, crank and head, etc.) to rebuild the leaky motor in this bike -- instead of doing the full Monty on a full 650 motor.