We've been dousing the bleeder screw in some good penetrating oil, and it's really on there. Even tried some light tapping with a small hammer to get the oil to work in better. The 550 manual says to use a 10mm wrench to loosen it, and it's so rounded over an 8mm won't close down on what's left. Seems the previous owner tried to loosen it with a wrench or vise grip.
Thanks for the suggestion, but I think it's a goner. I saw one on EBay for about 30 US + shipping. A rebuild kit and brake pads for the caliper and the master cylinder and his bike will be braking for a LONG time.
Luke M
Used to have a 1979 CB750L, sold it as a parts bike, now riding a slightly modified 1984 VT700C. Network/Field Engineer. Central OH, USA, Earth, Sol System, Milky Way Galaxy, Universe.