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Remove that odd spacer. Fit the wheel but omit the o/s spacer. Push the wheel as far as it can go and measure the gap left by the missing spacer. As I said the 500 brake plate has a smaller protruding central boss, you can tell it’s a 500 brake plate btw because the 550 has ribs on the piece hanging down where the torque arm bolts too, the 500 is smooth. If you look at the pics 3cs posted you can see the ribs. If IIRC the new gap should match the old 500 spacer, if it does just buy one of those. I’ve fitted 500 wheels into 550s and vice versa and then aligned ok. So hopefully that’s a simple solution. Could be wrong of course as it a few years now since I did this. Oh and finding a another 550f hub may not be as easy as you think. The rear drum liners crack a lot, probably why you’ve got a 500 wheel in there. If the liner in that hub is ok fixing the spacing could well be much easier.
There may be a problem with that idea Neil. IIRC the 550 brake plate does not fit the 500 brake drum, I seem to recall trying it and being surprised that whilst the drums look identical they were different. It seems to foul on the outside edge. Maybe someone with both hubs and plates can confirm if I’m remembering correctly.
If you look at this item (156396720375) made by Max Haywood, he was a member here, he will make you a bespoke spacer if you know the width you need at a sensible price He says in his listing he can make what you need, tell him you are a sohc member,
This shows the difference between 500 and 550 the fins on the 500 hub lol the same height the 550 one fin is lower, also inside the 500 hub there’s some smaller holes, couldn’t you just line the sprockets up then get a spacer made up the correct length to fill the gap left on the brake plate side