Looking at the picture, my main concern would be where the main jet sits. You have to make sure the main jet is well sealed, meaning: no gasoline can be sucked passed the little O-ring. That tower looks a bit damaged. I hope you can improvise semething. Others may chime in with advice.
For the rest, I don't see anything wrong. I'd carefully unscrew the SLOW JET and clean it. Prior to that you may want to spray some WD-40 or similar product first. For cleaning some carb cleaner and blown air usually does it. I sometimes use stranded copper wire for it. Trying to look through it, you may 'detect' something in there that looks like some sort of a minuscule spider web. Ignore it: it's not there! It's a known trompe l'oeuil, an optical illusion. You may also blow some air and carb cleaner in the orifice of where the SLOW JET sits. I'd carefully pull (try with your nails) the float's swivel pin and clean/polish it. The same for the conus of the float needle and its corresponding seat in the valve. You may leave some WD-40 on the contacting surfaces, so the needle won't stick. Once reassembled, the gasoline will take it from there. You don't want to use anything abbrasive. Do NOT be tempted to 'adjust' the float's tang. I have never seen a CB500/550 float tang that needed to be readjusted. Many here - eager to do 'maintenance' - interpret the Clymer manual on this as a maintenance thing. Well, it's not.
BTW, you haven't specified your model CB550. Just mentioning the year doesn't give us a clue.
