Time to do something to the CB550

I've owned a honda cb550f for about 4 years now and suddenly decided today that i need something different. Its mainly stock right now, i never put too much into it, just traded it for an old beater car and got it running. I was paging through a motorcycle mag today and decided im gonna turn it into a bobber. Anyone do this with any of thier motorcycles? how did they turn out? I've got a friend of mine who loves bikes and was stoked to help me when i threw out the idea.

http://www.youtube.com/watch?v=slkNvXknRmY&feature=related

Heres a pretty good idea of how i want it to look.