Here's some pix for those of you who have asked me for them: the longer swingarm with the round tube frame is the CB550K and first year "F" arm. The other is a CB750K1-K6 style. (There were some differences on the CB750 K5-K6 arms in the pivot area, but the frame of the arm is the same.)
The arms will fit in each other's frames. The CB550F arm is about 1" longer than the 750 arm. It is also far less torsionally strong, compared with the 750 arm's welded box section, dual-channel construction.
If you want to shorten up a 550 wheelbase, here's one option! I'm not sure I can recommend the opposite approach, though: the stiffer arm is always the better choice for handling.