The rear will fit a 150 comfortably. You'll need to think about clearance of the brake stay rod if you end up sticking with a drum brake.
What front end are you planning? GSXR? If so, I'd go up to the 18x3.50 for a 120-18 tire.
Why not grab new bronze valve guides from Dynoman?
Good to know as to tire fitment.
Yes, the front is a 2007 GSXR600 I might go with the 120/80-18 instead of the 110/70-18.
Unfortunately, the bronze valve guides from Dynoman do not fit the 650 (according to Buzz), only the 500/550. Buzz says that the only compatible part he sells are the valve seals. 
Stay with the 18 x 2.75 on the front Don, you'll only get a 4.25 rear rim for the rear so a 3.5 with a 120 is over tiring the front and unnecessary mate . Even my old 140HP GSXR1100J had a 2.75x18 front and a 4.5 x 18 rear, handled like a train on tracks and way faster than the 550 will ever aspire to...

Actually, my 3rd bike, the "money pit", is getting the very best of everything, it will wear 18x4.5 rear and 18 x 2.75 front, if i even thought there would be any benefit to running a bigger front tire on the street, I'd be all over it, on our style of bike and with the geometry we have to deal with, a 110 is already a lot of tire for our bikes, Yes, I know the guys running 17 inch wheels run wider tires but 17's naturally steer faster due to their smaller size. Look at what the racers run....