If you can manage a way to safely tilt the bike a few more degrees off center than the stand you'd be able to save the oil. However, if you're replacing a smoked clutch you'd likely want to replace the oil & filter anyways... As those plates degrade they leave a lot of particles in the oil.
If they are OEM style cork friction plates (Honda, Vesrah) soak them in oil at least overnight before installing them. If they are kevlar style plates (EBC comes to mind) just smear them with oil during installation.
If the clutch has been left slipping for a long period of time you might need steel plates. Look for obvious wear, measure thickness and check for warpage by pinching two plates together at various points to see if the part opposite the "pinch" gaps apart. Under poor conditions (lots of jackrabbit throttle conditions, insufficient oil, etc) the inner and outer baskets can wear, or notch. This condition can make it difficult to properly adjust the clutch and should be inspected closely while you have it apart.
If you've downloaded the 500 / 550 manual from here on the site just jump to page 117. That will take you right to the 550 clutch section, it's very straight forward. If you haven't it's highly recommended !!! Here's the link:
http://www.mediafire.com/?uznwn3ihx0iGood luck & holla back if you run into any trouble!