Kev - the 500/550 brake is quite good compared to the CB750 brake so you should be able to lock it up easily on gravel.
However, if you are used to a modern bike the brake will feel weak and feel like it need lots of pressure.
If your pads were also contaminated with oil or similar, then it's virtually impossible to clean them.
Based on what you have done so far, new pads would be the next logical step.