The Cb550 is supposed to have it's idle set for 950-1050 RPM. I usually set mine to 1100, though.
There is a spring in the master cylinder that retracts the master's piston and pushes the lever back into resting position. If the piston is sticking, not only will the lever not return, but the brake line fluid pressure doesn't get relieved. This can keep the front brake pad dragging on the rotor and it can can worse as the brake fluid heats up.
It sounds like your front brake master needs rebuilding. Check where the lever pushes on the master's piston rod. If it is wet with brake fluid, fix this sooner rather than later. If brake fluid seeps into the control pod electrics, it destroys the starter button switch plastic. You can lose not only the electric start, but the headlight as well.
You may have to hone out the crystalized brake fluid lining the master cylinder bore. This is difficult for the inexperienced to catch as the bore still looks shiny, but the buildup has narrowed the cylinder bore, causing sticking.
Cheers,