***UPDATE***
I posted above regarding an issue I'm having with the 550ex and the FlexTT5's. After several phone calls to and from PW, I was told that the engineers had a 550ex on the flexTT5 and it was working. The difference was in the setup. Mine was connected to the FlexTT5 via a promaster off camera cord. I removed the cord from the equation and the 550ex works. It emits the E-TTL pre-flash, and moves smoothly from hypersync into high-speed sync. I haven't tested out the A:B ratios, but I don't expect to encounter a problem with that.
Once I knew that the 550ex would work when mounted directly on the FlexTT5 hotshoe, I tried moving it off the unit again, but this time using a Canon OC-E2 off camera cord. Again, No high speed sync available above 1/500 sec. I forwarded that info to PW and received a call that their engineers were able to repeat my problem by using a canon off-camera cord.
So at the moment, I now know how to configure the 550ex so I can use it to get around the RF interference the 580exII generates and PW will be working on figuring out why the 550ex doesn't behave when used with an off-camera cord.
On a lighter note, (at least for me), one of my three 550ex units was more crippled than the other two when connected to the off-camera cord. It now functions properly when mounted on the FlexTT5 hotshoe.
Hope this helps those of you that might be on the fence or also use off-camera cords. Bear in mind; the unusual part of this is the 580exII doesn't mind that there is a cord between it and the FlexTT5.