carpy has used a 16" x 4" HD rim on a couple of cb750 bikes he's done, which would allow for a 140/90 tire, but i'm not sure whether that would fit in a cb550 swingarm. my 130/90/16 (on a 3.5" x 16" rim) does seem to have plenty of room from the swingarm, but i'd worry about having too close of a clearance. i had a slightly oversized tire on my cb350, and at one point the swingarm or wheel started giving in curves (i think), resulting eventually in a blowout from the sidewall rubbing the chain or the brake stay.
I'm going down to my shop now, though. I'll measure what kind of clearance i have with my setup.