That would probably work too, All the back cap does is keep the recoil spring aligned and in place. IMHO this gun is worth repairing properly.
FYI for those that aren't familiar, the 550 is awesome. Mine was given to me as a teenager by a family friend who passed with a ton of 22 shorts and cb caps.
I think I could put 30 plus shorts in the magazine tube which in the 80's and 90's was way better than a ruger 10/22 with a 10 rd mag. It also functioned with cb caps if it was kept cleaned and oiled.
ya i love the remington 500 series i have over 50 of them 5 of the 550's and yes it blow peoples minds at the range when you
shot some cb there like dose it have a silencer as i don't know of another 22 semi auto that with feed cb caps vary cool one of
my favorite is my like new 513 sportier my other is a put together 513 target in mach 17 i contoured a green mountain blank
the same as a stock 513 barrel and the 17 will feed from the stock clip . so about fixing it right new will fix it so were you
going to get a replacement rec. and is your gun a pre 68 gca if so it more then likely won't have a s/n and if you have the skill
there is a lot of ways to fix it but if you don't then you could buy a lot of junkers for what it would cost to have a real craftsman
fix it properly i have been collecting parts for over 45 years and i can tell you the price of parts just keeps going up yes you
mite just find a junker but with the internet every one can be an expert just look what a good used stock for a nylon 66 goes
for on ebay 200 300 in a heart beat it can be done your just going to have to be in the right place at the right time good luck
with your quest