I had a 550sx with a few mods
1/2 pipe
Stainless impeller
44mm carb
That ski was a blast to ride. I had so much fun on it that I regret selling it to this day. I have a superjet, but the 550 was still fun every time I rode it. It doesn't hurt to put a little but of money into your 550, but I wouldn't get too crazy. A superjet would be your best upgrade but it isn't cheap.
A lightened flywheel might go good on your 550, that was the next step for my ski, but I sold it.