imo it only looks cool if modern swingarm is done too, and 17" cast wheels with modern sticky rubber. To me, it looks really out of place and corny with spoked wheels. As far as performance, you are just moving the weak link around, from the forks to the steering neck/frame. Plenty of good front ends from the 80's and 90's that are right side up, not too short so as to cause geometry problems and won't overwhelm the frame.
Or let your old bike be an old bike. Old bikes are fun too!
What do you mean by moving the weak link to the steering neck/frame?
ok, you have seen the frame of a gsxr (or any sport bike in the last 20 years)? You obviously are familiar with the forks that attach to them. Imagine the amount of force that front end is capable of generating during cornering and braking. You know what the 35mm noodles on your 550 do when asked to withstand this amount of force. Go try this right now. Hold the front wheel between your legs, grab the bars backwards and try and turn them. You can flex those forks without taxing your muscles too awfully much, can't you? So most of that cornering/braking force (actually can't even be generated by a 550's puny amount of braking force and tire grip)is being absorbed by
those 35mm forks flexing. This is why your 550 cannot do the things a gsxr does. Now imagine generating a gsxr amount of force with gsxr forks on your 550 but they are not attached a gsxr frame. Compare your 550 frame to the gsxr frame. Guess what. Your 550 is still not gonna do what a gsxr does.
I am not saying there will be no performance improvement. I am saying the amount of improvement will be much less than what a superficial estimate might be. To me, that's just not worth it. Think you can do one of these swaps for less than $1500? For $1500 I bought a whole running, riding 1986 Suzuki GSXR 750 (which didn't even come with upside down forks lol) Say you make a mistake in the conversion and it ends up costing $1000 more. Plenty of early 2000's 600's around for $2500 if ya look.
Maybe this is all a "looks" thing for you. That is fine. Personally, I would rather ride my bikes. That is about all I ever really want to do these days.
You did ask for discussion. I am just opening some points that many may have over-looked.