Sorry about the mistake on the number of teeth on the sprockets, I didn't realize that when others talked about that other set of sprockets they were refering to the ones found on the 500 bikes.
You want a 100 link chain. You do not - under any circumstances - want an O-Ring chain. There are several pictures to be found on this site that show what happens to the rubber plug directly in front of the front sprocket when an O-ring chain is used. In short the chain will cut through the engine cases as well as the rubber plug and the engine will start leaking oil. As I said, there are several photographs of it on this very site, including one from one of my engines that some damned fool put an O-Ring chain on.
Yes, its true that in terms of the ratio there isno difference between making the front smaller and making the rear bigger, but that does not for a second mean that there is no difference. You can make the front sprocket as small as you like and the chain will never hit the chain guard, but if you get the rear too large the chain will hit the chain guard.
As for final ratios, the 17/37 gearing gives you a ratio of 2.18:1 There is no other combination of gears that will give you that ratio; the closes you can come is 2.19 (16/35) or 2.17 (18/39). As that ratio number gets higher you will see quicker acceleration and in some cases you will actually increase your top end speed. However as a general rule as the number gets higher you lose top end.
If you really want to get your bike geared right you should emulate the routine that is followed by boat owners when selecting their propellers. Propeller pitch, blade shape and size, and number of blades work in combination to have the same effect on a boat as gear and tire selection have on a motorcycle. Their goal is the same as yours, but the boat guys have figured out an easy way to do it while the bike guys stand around with their thumb up their butt and offer opinions that are based exclusively on what they like rather than what makes the bike run best. If you want that bike to run as well as it can throughout the range then you need to gear the bike such that it can just attain it rated Red-line at wide open throttle in top gear. If you can't do that then you need to go down on the front sprocket. If you find that you can exceed red-line in top gear - something that nearly no 550 can do, then you would need a larger front gear.