1978 CB550K
You need to be sure your charging system is working properly and get the bike running properly on points before you decide to put on electronic ignition so you know the charging will keep up with the extra draw on the system.
In Europe all kinds of EI's have been fitted on CB500/550s. There are NO reports of compromising the charging system's output. However I see no advantage of systems which have an increased dwell (duty cycle). On the contrary: with the
IGN left on, it may result in a fried coil. As proved by thousands of us, the CB500/550s charging system is adequate for running both an EI as well as a 60/55W H4. If the charging system would have had this shortcoming, Honda would certainly have modified it. I've looked it up, the system remained the same throughout all the years 71-78, even for the models that standard came with the 60/55 Watts H4 and even for the CB500P shown below.
Tip1: fit a switch to bypass that headlamp-always-on wiring US models had.
Tip2: If your rides are mostly in cities, consider fitting a break relay thus, that the headlamp extincts and the little pilot bulb lights, when neutral light is on, like when waiting at a traffic light.
Tip3: If your model still has the next to useless sealed beam, consider replacing it by a European style H4, like Cibié, Marchal, Hella or Bosch. For safety I recommend to go yellow.
I should add that where I live, folks usually ride bicycles for most distances and certainly those for up to 5 miles. I never start my motorcycle for distances under 15 miles. As a bonus my OEM exhausts live at least 75.000 km.