Just read another CB550 Dyna S guide which states the red wires go to the 12v brake light wire. So assuming AUX on the m-unit would work.
yep im at the same part. red from the dyna ignition goes to any switched 12v power. you could splice into the power going to the coils from the ignition on the m.unit, or use aux. Just then make sure the aux is configured to be on with ignition on, if it isn't already.
The yellow wire from the motoscope goes to either coil ground pulse wire (yellow or blue wires from OEM diagram i think), NOT the switch 12v wire coming from the ignition on the m unit to the coils.
Then on the motoscope you have to configure the gauge for a 4 stroke 4 cylinder engine so it registers the correct RPMs.