Plan on frequent battery replacement (yearly, I'd guess at minimum). But, it will probably "work" when first installed, and with the battery, engine, and oil warm. Hope for an engine that starts quickly and doesn't pull a lot out of the battery when starting. Using the Kick start whenever possible will help with battery life.
There aren't enough current draw numbers stated for your particular bike, to do an accurate projection. Further, some CB550s have a headlight off/on switch and others don't. No information about that either, or whether your "LEDs" have ballast resistors in them to mimic standard bulb loads.
The bike loads take away from the 5000 RPM max alternator output capability (150 watts), as well as the idle generation of about 50 Watts. Normal Cb550s draw 120 watts whenever the key switch and lighting are on.
I can't tell what your "real world" is like. But, I wouldn't want the small capacity battery you propose on my bike. Then again, it ain't no cafe racer, either.