Unfortunately, no, there is not a store bought conversion kit for the Penn 5500SS or smaller. Only the 6500-9500SS (the ones with the metal bodies) have a conversion kit.
Technically, you could do it yourself with a pair of *****, a file and a rubber cap. I have not done this type of conversion. Basically, you are just going to clip the bail off, file it down even the best you can and then cover it with a piece of rubber to protect your line and your finger. Personally, I would use something like a plastisol paint. This paint is commonly used for jigs fished around rocks and puts a thick rubbery coating on them.
Of course, if you can file it down so there is no risk of cutting yourself, then you won't need the covering.
The next step, is to secure the bail arm. On a normal bail, you can rotate the bail around in the socket where it connects to the roller. Because it will no longer be attached to the opposite side, you will need to secure this into the right position; down and out from the reel. My guess is to use solder but I'm not sure if solder will hold to it.
The only reels I know this size that have store bought bail conversions are the Van Staal series, the Penn 704z (will come with a bail but I believe you can convert this) and possibly some of the old mitchell reels. I think the old school Luxor/Crack reels were bailess too.
If you are using mono, switch over to Fireline. It's strength will give you more of a buffer zone against snapping off.
Just to add one more thing, look for a reel with instant antireverse. That way, when you stick the handle, it stays there. A lot of times, the backplay allows the handle to get just enough momentum to flip the bail on you.
On a reel like the 5500, if you put the handle in the 6 oclock position, pull the handle back until the anti-reverse kicks in, and then do your cast, it works better. That way it can't use backplay or gravity to spin the handle forward.
(This post edited by Patrick on 05/09/2003)