Ryzen is 4.8bn transistors (
here), so if half a CCX is about half that - 2.4bn transistors is a hell of a lot for a block of shaders. A 560 is 3bn (
here), and a 550 is 2.2bn (
here). There'll be some of the I/O that you won't lose, of course, but the GDDR5 memory controller on the block of shaders won't be necessary either. A system with 4 SMT enabled cores and a 550, probably all fitting in a 95W TDP (half a 1700 + 50W for the 550), would be awesome - there'll be no point in getting a graphics card for 1080p.