I think 5500 wot/flat/level is too low. It leaves no spare power margins.
If set "light" on a cold day at sea level, on a hot day at altitude it will be less and a take off "heavy" on a hot and high strip is where you want power.
If set to 5500 there is also no alowance for altitude degradation.
I set to 5650 wot/flat/level, get 5320 at a good climb and this alows for high density altitude operation, mtow operation and a margin to increase throttle at altitude....
I'll add that in an emergency go-around situation the extra power would be welcomed as well....