Yes.I have a 38mm Big Daddy on my workbench that I'm planning on stuffing an H550 into.
Did you do anything to strengthen the body tube? I'm worried about it crumpling under the 80+G's of stress with an altimeter/tracker in the nosecone.
I coated the interior of the rocket in polyester resin and supported the interior with fiberglass below the nose cone. The reason it was done internally is that I just wanted it to look stock, and (cringe) still show the Estes tube spirals. External should be perfectly fine. I had the same crush concern due to the nose weight, and a stock Big Daddy tube isn't remotely as stiff as LOC tubing or fiberglass. With 8-10 oz nose weight the load on that tube can be significant at high G's.
I don't know if it was necessary, but the reinforced tube is a great deal stronger than my 29mm, which has no reinforcement.
My 54mm has an exterior liner of fiberglass/epoxy, and it is stout, and pretty much in a different category.
Realistically, flying one of these is more about being able to recover it than light it. An H-550 will send it a couple thousand feet in a hurry.
Mine on an H-550 had only a very small parachute and a streamer and hit the ground hard enough to do more damage than the flight.
If you get it to pass through maxQ and back on the ground again, some of the older rocketeers will probably pat you on the back for a nice job. It will definitely be at least transonic on the flight. Most were expecting mine to shred.
Have fun with it. Good luck.