but boring the cylinder head exhaust holes wont give you more power?
The 550 head is not restrictive at low rpm.
Increasing valve size and doing a port job allow the head to breath more freely at high rpm.
Low rpm can actually suffer from too large of ports and valves, as power is dependant on intake velocity.
Velocity is created by restriction. You'd probably loose low end by increasing valve size and porting (well, porting for more airflow, not quality of airflow, theres a difference.)