You can unplug the rectifier and take it out of circuit. Just don't expect any battery charging, as that is the output pathway for the alternator.
One method for finding shorts is to temporarily replace the fuse with an incandescent lamp using alligator clips. This will limit any current, to that used by the lamp. It will burn brightly, until you find and remove the short circuit, where it will dim significantly. This saves on fuse replacement.
I must say, Honda never produced a 78 CB550F for the US market. Last year model was 1977 for the F. There was a 78 CB550k model, though.
The troubleshooting method for either model is largely the same, though.
It is the fuse clips that get hot if there are oxidation issues. But, parting in the middle is far more likely a true over-current event.
Cheers,