What rpm are you at when you are going 55 mph?
4k surge happens but it is not necessarily low rpm on that bike.
So the chain isn't tight in one spot then? Sometimes you only notice the surging from a irregularly stretched chain when you're cruising and not revving up through the gears.
Are you at relatively low throttle on the freeway? If this is true I think you have a lean condition because its a steady low throttle position. This is a carburetor bike correct ? You said previous owner went down a few teeth in the rear ? Most bikes come from the factory really lean on the bottom.