Hey Dave, when I rebuilt my first K1 in 1981/82 (bought from a mate for 200 bucks, and he chucked in a crashed K0 for another 100 bucks for parts, which I gave away.....) after an oilway blocked and I cooked the whole top end, I installed first oversize Honda pistons, new cam towers, new rockers, and a new mild Andrews cam, because it was cheaper than the stocker.
It already had the old round K&N pods and a 4 into 2 Walker exhaust, but otherwise, it was very close to stock. It was my daily rider and I rode it like that for four years without any problems, including a couple of trips to Bathurst. In that time I did around 34,000 Km's (around 20,000 miles for our non-metric pals) and the only problems I had was the stock plug leads arcing against the frame in wet weather. I "heatshrunk" some more rubber insulation over the leads and that solved the problem.
I had two other mates who had CB750's at the same time, Davey, with his K2 that he bought new in 1972, (and he still has it) was also running K&N pods with dragpipes and an electronic ignition, and Pete, his brother, with a bog stock K2. My K1 was a tad quicker that Pete's standard bike, and a tad slower than Davey's. I didn't notice any problems in wet weather, crosswinds etc, it started easy and had no "flat spots", but when the points got to the stage where they needed replacing I installed a Martek ignition like Davey's, and it started and warmed up even better and pulled like a train, and was the quickest of all three bikes. I only sold it to finance a Kawasaki Z900, a bike that I'd wanted for many years.
I've never owned a 500/550 (I did restore a 350F, but left it standard) so I can't speak for them, but have owned over 20 CB750's and have been able to get considerably more performance from them just by adding aftermarket parts and tinkering with them. Off track a bit, I installed a K&N filter, a Jardine "Big Boss" exhaust system and a Dynojet Power Commander III to my stock Triumph Rocket III and had it Dyno'd at Melbourne Triumph, and was happy with an additional 23 BHP and 27 foot pounds of torque at the back wheel. I was pretty happy with that power increase, without having to open up the engine. Cheers, Terry.