I bought a 1980 GS550L back on the 11th and I've been working through the stuff on BikeCliff's site, I got the carbs all cleaned up with new o-rings, intake boots and o-rings and new weatherstripping on the airbox. I just realized that the feeler gauges I had from working on some older cars weren't small enough for the valve lash checking so that's on hold until amazon comes through with another set. After that will be syncing carbs and tearing down the calipers and MCs (one of the POs replaced the brake lines with SS, so I'm hoping they're reasonably clean. The fluid will get replaced, but isn't horrible.
Looking at the various service manuals I've found I think that the exhaust may be aftermarket? All the pictures of Ls that I'm finding have conical mufflers. I can't find a brand on the stickers that are on them though.
It wouldn't start when I bought it, but compression was good, so it was really exciting to press the button after putting the carbs back on and have it fire right up.
Thanks to everyone for all the great information and guidance.
Tom
Here's a picture from when it was coming home, it's still somewhat torn apart at the moment: