Have you got a wiring diagram for your bike? It is very helpful. And what about the stock wire harness, was it still on the bike? I would not direct wire the hot to the coils without a switch as they get HOT. Try to use the stock harness if available, or get an aftermarket new one, they aren't that expensive. But I understand that you want to get it running to see if it is any good.
I would do a compression check, 3k mile tune up, set the valves, etc. and see what you are dealing with. Probably have to clean those carbs, also... good luck with your 550!
Charlie