I normally run a CBR1100XX and can check the oil no matter how hard I run her
The similarity here is that they both have two wheels, and... Well that's about it!
Convert the 550 to water cooling, fuel injection, use a plastic dipstick (just guessing), subtract 25 years of motorcycle technology, and you can probably check the oil without discomfort, too.
I beleive the oil in the CB550 is a standard 10W40, as I purchased just 2 week ago and the oil was a fresh change and looked good
If you are going to race the CB550 (atta boy! pretty cool!), do frequent oil changes, use heavier weight oil (50W), and if the bike is older than 1977 do something to the rocker shafts to keep them from turning in the cam cover. (orings as friction devices help)
There's not much you can tell from looking at oil, except for presence and that is looks like oil.
Would you drink water that "looked good" before a marathon?
The bike is mainly stock aside from a 650 cam, Mac 4-1 exhaust and velosity stacks on the carbs, I was concerned as I could not hold the dip stick to un-screw it.
Reasonable concern.
My 77 CB550F in completely stock configuration is the same way after a brisk ride in hot weather. However, remember that these carburetors don't have a computer to tell them to richen up. They were tuned to have some restriction on the intake in order for the jets to provide proper mixtures. Without this, the bike will run quite lean with stock jetting and engine temps WILL increase, possibly to destruction.
The temp at the track was about 80F and I was running hard, keeping up to some RZs (they out pulled me in the straights, but I got them in the tight stuff)
That's likely rider skill. But, the 550 handling helps.
I was looking to change to a good 20-50 oil, Motul or ELF ??
Good plan. However, pull your spark plugs and look at the white insulator for deposits. Tan deposits are safe. White or no deposits mean you are running WAY too lean. You will then need to maybe raise TV needles, and likely use larger main jets to compensate for the lack of filter restriction.
Also take note of your track elevation. Closer to sea level, the carbs will mix on the lean side. Higher elevations, the carbs will run richer.
Running an engine hard, hot, and lean is a recipe for short cylinder and valve life, and limits the rider's fun, too. It's better to ride than push the bike.
Give 'em 'ell !!
Cheers,