I think you should just test it. You are able to install/configure HACMP 5.2 on Power4. The issue is if you can restore such mksysb image from p670 to p550 (via NIM for example).
I guess yes but had never doing this. Installing this from NIM should't take more then 30 minutes on 100Mbit network and local disks (on disks over SAN such OS install takes ca. 5 minutes from my experience).
BTW. Why you don't install HACMP software on p550 from the scratch?
If you are going to migrate the HACMP configuration to p550 lpar, you can use HACMP configuration snapshot from your p670. Of course, if p550 is going to be the cluster member node, then you should perform HACMP topology/resource synchronization in direction to new node/lpar on p550.