Yes, you need to make sure the tire is centered first, then you can address chain alignment.
The 77-78 K and F 750s had the front sprockets mounted 10mm further to the left side than the earlier 750s. To mount an early motor in a late frame, you would use the 10mm offset front. To mount a late motor in an early frame, you would need a rear sprocket with a negative 10mm offset. There are other ways, such as swapping swingarms and sprocket carriers, but they may not apply to your situation of using an early F hub and brake on a 550.