Hi,
Yes it works fine without any modification, I only had a 4550 when I first tried to do it, but as Pommie said you will be better doing your final circuit with the smaller 2550.
There are ready made pcbs designs for the Pickit2 Lite on the web you can download.
If you do that, also keep your 4550 prototype, its often handy to have 2 pickits, one as your programmer / debugger and the other one being used as the logic anaylzer or Usart tool etc.
Another trick, the PK2 lite, as is, will only program +5v chips, but if you fit a 3 v or 3v3 regualtor between the usb connector and the whole pk2 cicuit then you can program the 3v chips as well - have done this with the pic24F chips.