Nice 550. Should be a fun "hide in the garage while the baby is crying" project
. A few ideas from my own 550 refresh...
Pull up the fork gaiters and check for rust and seal leakage. If no leakage then clean and polish/wax the fork tubes and then flush/fill with fresh fork oil. If the seals are leaking you are in for a bigger job but you can defer it for a while if the leakage is slow.
Stock shocks are not great. At some point maybe you can dip into junior's college fund to get something better.
Flush and refill/bleed front brake with fresh DOT4 or DOT5.1. Check the 2nd hole at the bottom of the reservoir is open for a thin needle to get through. With this age bike you should assume the master cylinder and caliper may never have been rebuilt and even if it is working well schedule that job for next winter (safety first!).
Make sure rear brake is working and adjusted and wear indicator says they have some miles left on them.
Check chain/sprocket wear. If/when you change them replace the sprocket and shifter oil seals. All seals/rubber should be considered worn out on a bike of this age.
Swingarm bushings are not well designed on these machines. Check for any side movement at rear wheel when it's on the center stand. If OK for now give it some grease at the fittings and consider doing a bronze bushing conversion next winter.
Another winter project: wheel bearings: replace with good quality (SKF, FAG, ...) bearings or at least (if they have no slop and rotate smoothly) pop the seals and clean/repack them.
All the cables should be considered suspect and, if possible, replaced with Honda OEM cables for the best safety/life.
The EvapoRust works well but if there is any oily sludge or other non-rust residue in there maybe rinse with lacquer thinner or something of that sort first: EvapoRust doesn't cut through that stuff. Also, putting in some nuts or bolts or some such and shaking it around with the EvapoRust will help scrape off the thicker rust and any gunk. Count the nuts/bolts and make sure you get them all out.
Carbs: Could leave bowls filled with Seafoam overnight to maybe help clean 'em up. The leaking may stop on its own after you leave the bowls full of fuel for a night -- that's what happened to me. You can also try tapping the carbs/bowls with the back of a screwdriver in case a float needle is stuck. If none of that stops the leaking you could do the clear tube float level check but most likely you will at least need to pull the bowls of any that leak and clean up or swap out the float needles. You may just want to do the full carb rebuild at that point.
Have fun. Ride safe!