hi xedge4lifex and welcome to the forum. can i just call you xedge for short?
btw: your post might be moved to another area as this spot is reserved i think for the serious boys and girls and their racers, but no worries.
i think the best place to start is to make sure your bike is tuned up, valves adjusted, carb sync, oil change, etc.. all the basics first. maybe a compression test too to make sure ya have a solid foundation.
i dunno but bigger carbs seem only necessary following serious head work and cam. although some folks have used later model carbs from other machines it seems like overkill unless the motor is really hopped up.
the 650 cam is a popular swap, and a dyna, or our friend hondaman's setup, are popular ignition upgrades.
if you are going through the motor many will point to the head (the bikes) as the source of untapped power. especially the 550 i think. so if you're rebuilding have mike ('rmieck') get into it. but now you're talking $$.
the only "low cost" exhaust (4-1) i know of is from mac but a few others (not many) offer a system too. price only goes up from mac tho. i think i remember a discussion about (stock 4-4) 750 exhausts and claims there wasn't much, if any, increase in hp with most aftermarket systems. that always intrigued me. safe to say a 4-1 would likely be lighter than stock anyway.
and don't forget the suspension!
check out faq,
http://www.sohc4.net/index.php?q=content/tech-pages and
http://www.sohc4.net/index.php?q=node/270fwiw i think you might want to first form a clear idea of your expectations. do you want a solid everyday machine, a semi crazy cafe racer, track bike, etc...
i think many will agree a 550 sorted out and simply refurbished can be a lot of fun. unless of course you're spoiled by modern bikes and lots of hp.
edit: out of curiosity i checked and you've been here since '09. so... a belated welcome anyway.