Hold on there. I just caught up with this thread. Yes the 650 engine is a direct swap into the 550 cradle. You have a bare framethere will be some foolin around coming up.
Only entire front end including trees will swap directly to the 550 frame. the 550 and 650 PARTS in the front end are not interchangable.
650 Rear wheel does not fit in 550 swing arm. Use 650 swing arm in 550 frame....might as well use the 650 shocks too.
there will be some fitting to do with the electrical system, coil mounts, battery box, cdi mounting, electric panel mounting....
http://forums.sohc4.net/index.php/topic,137317.25.html Starts at entry 48 , page 2 on a 550 F frame swap. I like the F swap, it finishes nicer than a K swap.
seats don't swap, r fender to modify , it's been a while but most of what does and doesn't swap is in this thread. There may even be a thread on the K 500/650 swap somewhere in that thread or the thread I posted before that . anyways , lots of members have done this and if you hit Search, it should give you some direction and a better idea of what you'll be getting into.
On reply 104 , I left a reminder that the brake pedal would be from an F , even on the K frame , i think.