Okay, IF your CB550F has the original type 4 into 1 chromed header, it was considered one part and individual down tubes were not available separately. All down tubes were welded together during manufacture, before the chroming operation.
Can it be repaired? Yes, but not by conventional part replacement means. I expect a compentent muffler shop capable of building headers from scratch, can fabricate and replace the single tube. Then you can find a chrome shop and contract with them to have the header rechromed.
I have never seen the original header rust through. Muffler yes, header, no. I also have some rusty headers laying around. But, none rusted through and destroyed as your picture indicates.
Do you think your header is original Honda type? When you look at the break can you see evidence that the tube was double walled? I.E a pipe within a pipe? This would be much more difficult and costly to repair, as I'm not even sure of the process with which they are created.
Let us know...