Bryanj, that a pretty harsh assessment of the 77 and 78 models. There were the best developed of the 550s, with the rocker shaft fix, the superior "lean-burn" carbs, the non-testicle-removing fuel door, etc.
There's nothing wrong with the push-in pilot jets, either. They work beautifully on mine.
Carb gasket sets are still available from Honda. I paid about $28 apiece for them a year or two ago. I doubt you will need them, though. The leak you see below #1 was probably just a stuck float. Pull off the bowl, drop the float, clean the float valve, and you'll be fine.
Stock exhausts for all of the SOHC4s are very difficult to come by and horribly expensive. Luckily, MAC makes a 4-1 that fits all of the CB550s, and it costs less than $250. It sounds excellent, by the way. It is lighter and provides more ground clearance than the stock pipes. If you use the stock airbox and air filter, you won't need to rejet. Oh, but you said the pipes are in good shape, right? Well, that's a no-brainer, then.
Yeah, it is hard to find used side-covers for the 77-78 models. Has anybody ordered them new from Honda? Be careful with the ones you've got. I lubed the rubbers with silicon grease to keep them supple and prevent cracking on removal.
For a running 77 CB550 with only 1800 miles on it, I'd say $1100 is one hell of a bargain!
77/78 550 is the bastard child in all Honda's range and has a lot of model unique, unobainable, parts not least of which is the exhaust. Carbs are a one off sharing gaskets only with the other rarity the CB750 A(uto) and the 'orrible push in pilot jets. Airbox to carb rubbers aint existed for many years Etc, Etc.
WAAAAAY too much money for what it is unless exhaust is perfect (thus saleable)
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