, and to start it, I have to turn the idle up a turn or more, and then after the engine warms up and the revs pick up, turn it back down
That's normal. Are you sure yours is idling @ a true 1100-1200 rpm. I'd say it runs a bit low.
First address all aspects of the ignition and make sure gas reaches all 4 carbs. I cannot stress this enough. In the FAQ you'll find the best way to adjust camchain tension. Are you good in checking and setting the valves? If not, have an experienced friend look over your shoulder.
Carb syncing is an all time favourite on this site. People can't wait to bring out their new tool and do it, even if the uneven idle originates elsewhere. Don't be mislead! If syncing is never been done by a PO (very likely unless it's a member of this site), chances are good your carbs don't
need syncing. Yes, you read well. (Nevertheless people will call me names. Just wait and see.) Fact is that Honda, after learning from the first model 750 that had the carbs operated by four cables, did a very good job with the desmodromic design we have. Ofcourse it's good to
check the sync as described in the maintenance list, after you did the rest of the maintenance, but think twice before you start adjusting. In the experience of many old (and wise) CB owners a rough idle has more often it's origin elsewhere.
honda changed the design of the rocker cover during the production of the 550f. in the earlier design the rocker shafts could turn with the rockers and wear out their seats. in later models this was fixed. your bike being from 1975, it would have the earlier type if the cover was not changed at some point.
From engine number 1133172 Honda modified the rocker cover. From then just four shafts instead of the 8 on the older models up to engine number 1133171. If you're interested have a look in the various Parts Lists. You'll find them all here:
http://www.honda4fun.com/materiale-documentazione-tecnica/parts-list/parts-list-cb550