What it finally ended up fixing it was raising the needles by one notch. I thought they were in stock - and technically they were - only 77 CB550 came w both 42 and 38 slow jets, and mine happened to have 42 slows, which meant that stock was actually not center notch, but 2nd from the top.
Hmmm... Thanks so much for that. From the look of your avatar, you have a 550k, correct. I have the F and believe that we have different carb models (mine are the 069a). Wonder if that would make any difference. I've had the bike for a while and ran everything stock for years with no issues... I'm going to try replacing the caps and checking coilds... and if all else fails, will take your advice and try moving the needles.
Hope you have some luck - and yes, I've got two 550k's.
Just to clarify - I'm not suggesting you change your needle height ... more just empathizing, and letting you know I got on the track of coil/ignition sleuthing after thinking I had tried everything on my carb (and in truth - I almost had - everything except the needles).
Anyway - I was certain it had to be in the coils or ignition because it was only a single cylinder being affected - when in fact it ended up being the carbs
I didn't even have any hope when I adjusted the needles - just was something else to try, and then, voila!
Just keep plugging away, bro - you'll get that AHA moment if you keep at it, then it will be that much sweeter when it's finally running right!!