Sheesh the more I get into this bike the more frustrated I get. I bought a tool kit from my local MC salvage place not for a CB550 but for a Rebel. Most tools are similar especially the spark plug tool, and it was only $15! I took the #3 plug out just to see. It was an NGK #8 heat range. I took out the #4 plug to match and it was an OEM #7 heat range. Not huge problem but really makes you wonder about everything else on the bike. Nither were really oil soaked but a little on the black color range. It's a good thing this bike looks great in my driveway or else...
I think I need to have a little patience with this thing. Take one step at a time and realize I may not be riding it this year. Step one at this point is to rebuild the front end and leave everything else alone. Baby steps. I got some parts coming from ebay, new gauge bracket with tach attached for the chrome trim (both damaged) and fork gators and seals. I need new grips, OEM bars, brake master seal kit and hose. I'll check the brake pads when I get it apart. The good news is the wheel and fender are in fantastic shape, no rust or dirt. Once the front end of the bike is in origianl looking shape I think my attitude will change. Then move on to the next section, the motor. Either try and see what's wrong with this one or look for a good used on already running. I'll keep my eyes open and ears to this board. Thanks for now. I'll post questions as they come up.