Yep, it's a 1981 Yamaha Seca 550.
The 81s were white, the 82s were red, the 83s were black. Virtually unchanged thru-out.
The 650 Secas were shaft drive, as was the 750 Seca, and were more sport-tourers. The 550 was chain drive.
The Secas were the sporty versions (tail section, bikini fairing on the 550, etc.) The Maxims and Midnight Maxims were the cruiser & 'dark' cruiser models, which in those days, outsold the sport bikes by, like, 5 to 1!
The 550s were direct competitors to the Kawasaki GPz550, and were always just a tick behind - a bit slower, a bit heavier. Eventually superceded by the FJ600.
IMHO, they were great bikes. They had a great, slightly cammy engine biased towards the top end. An exciting jump around 5500.
They usually came with a bikini fairing on the front, but lots got taken off, cracked, etc.
As for the YICS, he's got it bang on the dot, although I've read that over the years, the ports close up, and you don't need the special tool anymore. In fact, they hinted that the system never really needed the tool, anyway. Kind of more like a 'theoretical' need than an actual one.
I've been passively, casually looking to get another '82 like the one I had back in college in '86. Man! to get one given for free!! What a deal!
Good luck with it, and have fun!
Kirk