Greg,
My replacement set for the carbs was Keyster, from David Silver. The needles were thinner than the old ones I took out. That caused my richness. Was sorted only when I took the Keyster needles out.
But, that's on a 750. I suggest it's worth checking the Keyster needles against your old ones. On mine the difference was visible, looking side by side. Nonetheless, I used a vernier calliper to prove it to myself. I also went back to the old emulsion tube and pilot jet, even though they looked the same as the Keyster ones.
I don't know what compression readings should be for a 500 / 550. If yours are in spec, it suggests not rings, but if the plugs are oily, not just sooty, it could well be, especially if white not black smoke. The smell is usually a giveaway, if it's fuel rich. Were your valve stem oil seals replaced?
I'd be double checking through the carbs and the ignition / timing basics again, before opening the engine up. Hope you find it. 👍