I guess the question is what are you going after? Looks, (Which I like the looks of the big tires) or performance as in top speed?
If your current tire diameter is about 30 inches, your 550's will be about 35 inches in diameter. That 5 inches will net you about 8 miles an hour increase at 50 MPH. Read that as in when your speedo says you are doing 50 you will really be doing 58 due to the larger ratio created by the larger tire diameter. (Theoretically, in a vacuum with no wind resistance), your results may vary.
Two of the things affect handling/ride performance,are sprung weight and un-sprung weight. Your un-sprung weight is everything from the springs down (including part of the weight of the springs) and the sprung weight is everything above the springs, including to some degree the upper most springs which do not spring as much as the lower, longer springs. So by putting the heavier tires on the solid rear axle you effect that axle's relationship to the road, the suspension, and thus the car, and its reaction to bumps, turns. Braking ability is altered, as well as the torsional loads placed upon the rear axle/radius rods. Corner handling will change as the larger (Radial?) tires (higher sidewall) flex and roll with the shifting car weight. And of course your speedometer/odometer will no longer be accurate.
In addition it would negate some of the additional increase in fuel mileage due to the heavier rotational mass that needs to be over come as well as the friction created by greater road surface contact (wider tire). Very few of those jacked up trucks with those huge tires get any increase in fuel mileage even though the tires are larger in diameter.
I am not smart enough to actually perform any of the cipherin' required to determine the new loads placed upon the vehicle and they may all be moot, as many others have put big tires on lots of cars, myself included. But one should be aware and thoughtful about the effects of the decision, and insure that the related components are in top notch condition.