*Quarter Mile Guess?!?!*

Is it 550 rwhp or at the crank? I am guessing that it is at the crank. Even with some decent street tires (not slicks) you are going to have some tractions issues which will leave you with a low to mid 12 second 1/4 mile time at about a 113 to 118 trap speed.
 
With my 81 I had, traction was a problem. I had about 450hp(crank) and I had a best of 12.96 at 113mph and that was with a 3:73 gear. I never made that many runs so I'm sure I could have did better. I would think you would be in the high to mid 11's at around 118 to 125mph. You're getting into rear end mod territory when you start dragging and hooking up with that rear end. For better 60' times you might want to get smart struts to eliminate camber during weight transfer. My 60' time was 2.1s.
 
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