Hi everyone. Read the forums here for a month or so and picked up a 75 550k a month ago. This is my second bike but my first one was brand new so working on a bike is totally new. I've got no experience working on bikes or cars but my father and uncles are all mechanics so its in my blood. I could never have worked on this bike without reading how to do things here so a big thanks to everyone sharing their information and wisdom.
So far I've...
Changed the plugs (PO had resistor plugs in it)
Checked timing
Adjusted valves
Adjusted cam chain tension
Took off o-ring chain that ate up the plug behind the sprocket and some of the engine case
Installed new proper chain
Ran a tank of SeaFoam through her
Threw away $100 on a SyncPro
Invested $60 in nice vacuum gauges
Sync'd the carbs (no 2 cylinder was 1/3 what the others were)
Purrs like a kitten now. First fist of throttle is perfect. Second fist full is lean I think. It loses power and starts to stutter when you crank the throttle all the way.
All in all I'm really having a great time working on and riding this machine.