Hey welcome Asra,
Just wanted to suggest that you download the shop manual for your bike if you haven't already. There's a stickied post under the tech forum with links to those. There are also articles from magazines that are really helpful there.
Also, I know carbs can gum up pretty easily after sitting for a year, but make sure you've got a good strong battery too. These bikes won't run without that. I would give the carbs a cleaning and then go through all the 3000 mile tuneup stuff in the manual when you get a chance.
How come the front brake needs to be replaced? Do you mean the master cylinder or the caliper? Both of those can be rebuilt pretty easily.
Don't know your riding history, but if you've never ridden a 500/550 four, you're going to fall in love!
Have fun!