Gentlemen, I apologize for the delay in news. Work took me away from home for quite a while, but I returned from my trip and about 2 hours later my new CB550 was delivered! So I picked the bike up for 500 euros (about $660) and I think it was a pretty good deal. As you will see in the pics, it is in pretty good shape. Everything is there, plus some. But I will need a little help in identifying what I have.
I immediately started playing. First, ignition on....I am happy to report that all electrical works, idiot lights, high/low beams, turn signals, brake lights, and starter. Speaking of the starter, next step...give it a little fuel. It took quite a few turn overs, but she runs! It will not idle on it's own, but I am happy none the less. In doing some quick diagnostic stuff, I found that pipes 1 and 4 were not getting hot. This led me to pull the plug wires from 1 and 4 and there was no change in engine noise. So I am guessing that I have a spark problem on 1 and 4 (don't they share the same coil?). So I am figuring contacts or coil could be the problem. I will do more trouble shooting soon.
Clutch problems; the PO claimed that there were problems with the clutch, however when up on the center stand I can run it through all of the gears with no issues (aside from being on 2 cylinders of course). So if there is a problem when under a load, I think it may just be stuck as Krusty suggested, or maybe an adjustment issue.
Overall I am very pleased with the bike and can't wait to tear in! So enough talk, let's get some pics up! Again, I would like to remind anyone who is looking at this stuff, I have no idea what I really have here. So lets play a game, if you notice something that looks off and not a stock 77 CB550F piece, please point it out.