Right now, we are all experiencing troubles with getting the correct thickness of plates for the 550 clutch(es). It could be, if someone recently changed clutch plates, the wrong ones could be installed. This makes it impossible for the limited 'reach' of this particular lifter to work very well (I'm just now going thru this detail for my upcoming CB500/550 book).
The companies out there are [incorrectly] selling clutch plates of 1.075" thickness as "for the CB550". Wrong: the plates must be .122" thick. If you attempt to install the thicker ones from the 750 (because they fit), which are .140" thick, you find that the lifter cannot be backed away far enough to let the clutch engage, while the thin ones cause the adjuster to be turned in so far that the lever can pop over-center on the lifter and lose the lift altogether.
In some cases, yo can install an extra steel and [thin] clutch plate into the 6-plate stack beneath the 7th slipper plate and make it work, but few realize they can do this: it also limits the lifter adjustment to the last 1/4 turn of its range, making it sometimes impossible to make a good adjustment that works after the engine warms up. To make this arrangement work, ALL the steel plates should also be changed to the thinner ones from the same 1990s bikes where the thinner clutch plates came from, and the dual-spring center steel plate changed out for the baseplate form the GL100/1100 clutch to make up the 0.7mm difference in the stack height. Then this works, leaving you with an additional plate in the stack (good for high-HP engines!) as an 8-plate clutch pack.
If you get into the clutch. measure the thickness of the plates behind the top plate. Most of the top plates being sold out there are at least the right thickness: this particular one has wider outer tabs than the other plates.