It is my understanding that you can swap a 650 directly into a 550 frame. However, only the first year or two of the 650 had similar carbs to the 550. then they went to CV carbs and the heads were changed, so your 550 carbs will not bolt up. Also, in my experience, you can't bolt a 550 exhaust system to a 650 head. The pipe angles are different.
TR