I believe you can bore the 500 cylinders to get a 550. There is some question about the lower engine case accepting the bigger sleeve ends as used on the CB550 without some machine work.
I don't think it is worth the swap just for more power, as 50cc is not that much 498cc > 544cc.
The 500 has a different clutch, clutch actuator, shift forks, drum, and primary ratio. The lower end, Trans-wise, on a cb550 was improved for definite reasons.
There is a "605 Kit" for the 500/550 that includes bigger sleeves to be pressed into the cylinder block. I have one, but haven't installed it yet. I'm waiting to wear out a CB550 top end.
Cheers,