Well, I admit, I don't have a 550, but on the 750, the cover that holds/supports the shaft and seal should have a bushing of sorts that can be replaced. It might not be as easy as a seal, and may require the services of a machinist. I've seen it where the shaft doesn't have any bushing, and the shaft rides directly on the die-cast aluminum housing, but that was only on the really low-end cheapo bikes, like mini bikes and some dirt bikes. Even those can be bored out oversize and a bushing made to fit.
I may be doing this soon to my bike, since I noticed the occasional drop of oil under the shifter.