Chris, I drilled out my 400f rotor this winter. (I think it's smaller than your 550 rotor(s).) Regardless, I found the info at this site somewhat helpful.
http://eindiancompanies.com/howto/howtorotor.htmI “used” the template at
http://www.eaglescall.com/images/cb400f_disc_template.pdfI quote “used” because I was lucky enough to have access to a heavy duty, professional rotary table, and I didn’t really need to actually physically use the template so much as just use the degrees and layout numbers and dial them in. I tell you this even though this template is for a slightly smaller rotor than yours is (are) I think the principles are the same.
The tools worked very well for me, but a few of the holes had a burr or two (no doubt caused by my inexperience). So I took a very fine and flat knife sharpening stone and kinda honed both sides of the rotor. That made it smooth. I’ve put a few thousand clicks on the rotor since I drilled it, and it seems to have become a lot more smooth and shiny with use.
From my limited knowledge it might be that a Blanchard grinder is the best way to deal with an uneven rotor. Blanchards are big suckers with a large stone and a rotating bed underneath. (I’m not suggesting you buy one - but this old one for sale on ebay has good photos so you can see how it works.)
http://cgi.ebay.com/BLANCHARD-GRINDER-NO-11-ROTARY-SURFACE-GRINDER_W0QQitemZ7611167567QQcategoryZ45021QQcmdZViewItemIt’s also possible to set the rotor up on a lathe, and then to use a grinding tool to even it out. Depending on where you live this might be the best way to go.
My approach was to just get another rotor. Excellent used rotors are so cheap on ebay ($10.00) for the one I used. I bought one to drill, even though my original one was okay. The one I bought was hardly used.
I think it was a very worthwhile mod for me to do. Although I’m anticipating a problem or two going forward, the stopping power of the rotor is unquestionable better in wet conditions. That alone is reason enough for me to do it.
Plus I like the way it looks -
However you decide to go - the best of luck with it ....