I picked up a 1978 GS 550 a couple weekends ago.
So far it seems like it's in decent shape. It looks to me like it's had some major work/restoration done based on the engine paint & other things so I'm hoping whoever did the work did a good job.
The headlight isn't working currently but I think I've narrowed it down to a specific part of the harness and hopefully I'll be able to clear that up later today.
The carbs seem like they could use a good cleaning. I'm getting some serious power loss at WOT when the engine is cold (and maybe warm too).
Other than that one of my main concerns is a rattling sound I can hear. I can't give ya many details but it kinda sounds like it's coming from near the gear box or under the bike. I can't tell if it's just something simple on the outside, or a major problem inside.
I've looked through your resources here on this site a bit and it's been a huge help already. Thanks for collecting all this information and helping newbs like me.
Also, the GSR Greeting's list of 10 items look like a great idea to me so I'm planing to make my way through that list.
Here are some pics:
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