Noob here.

Just wanted to introduce myself. Today I went out and bought a KZ550LTD F2. Looking forward to riding this summer. Of course the bike has issues but nothing that a good carb cleaning won't fix. I was rather surprised that the bike had air shocks. I bought it primarily to zip around New England. Are there any known issues. It doesn't have the stock speedometer It does have the orig. tires though. The odometer says 16k miles but I think that there is some what less than that.

the last

Welcome aboard! A well-sorted and maintained 550 is a fun and reliable ride. I suggest two things right away.
Get a genuine Kawasaki service manual. It is the best tool you can buy and it will repay its price many times over.
Replace those tires! On modern tires, there is a date code. The rubber in a tire deteriorates even when the bike is in the garage. Thirty year old tires will be dangerous. Even a five or six year old tire can be bad, depending on how it has been treated.
Ok, three things. Once you get the service manual, systematically go through all the routine maintenance items. Do not assume that the previous owners did any of it, even if they said it was done.

P. S. Do you mean air shocks or air forks? I know that the larger LTDs came with air adjustable forks, but air shocks would probably have been added by a previous owner. If it is forks and you decide to jack with the pressure, be very, very careful. They are low pressure devices and a gas station hose can quickly do damage. A small hand pump is best.

I have done this sort of thing before, though not with Kawasaki's. I restored a KZ440Ltd which impressed me with its uncanny smoothness. That was a frame up. I have also done a few vintage Honda's. I am tired of putting time, money and energy into a nice vintage bike only to see the new owner make it into a bobber (the old fad) or a cafe racer (the flavor of the month). I don't have anything against these forms of expression if they are well done. 1 out of maybe 100 is well done, the rest are just hack jobs. I saw this happen to my pristine 1974 CB550K and the KZ440. The KZ550 is all there, bone stock without a rotted out exhaust, low mileage and did come from the factory with air shocks and forks and gators on the forks. It is perfect. I always follow a checklist when I get a new to me bike and this one won't be an exception.