Sorry for resurrecting a very old thread...
I currently wrote 2 different articles around HD558:
1) The first one is dealing with HD558 in general + comparing old vs new pads (measurements) + examining pad burn-in effect (measurements):
http://headaudio.weebly.com/clanky/ochozene-vs-nove-nausniky-recenze-sennheiser-hd5582) The second one is focused on modding - I experimented and found out again that ring-shaped felt rules them all!:
http://headaudio.weebly.com/clanky/modifikujeme-sennheiser-hd558Again, the site is not in english but all the graphs are fully english... And I will be happy to comment here in english if needed (or use Google translator). For now, I will post the most relevant graph I guess:

Green curve is HD558 w/ HD598 mod and a few days old pads. White curve is w/ two felt rings inserted in between driver and plastic dust cover (see images inside the article for better understanding) while gray curve represents three felt rings inserted. Ignore 8.5 kHz dip on the graph and partially the one around 15 kHz as well.
HD558 w/ two felt rings really rocks in terms of neutrality... The headphone just felt neutral from the first second. It also destroys my other headphones here in terms of value (HD201, K712 Pro, HE500). HD558 w/ three felt rings sounds the most clean and grain-free even though it's already on the darker side of neutral which can be felt sometimes. I personally cannot decide which version is better... Both are significantly better than stock and both are the best in their way.
An interesting question to finish off: Driver burn-in vs earpad burn-in - how these two relate to each other, how big their impact is on your new headphones especially during the first days of listening? I would like to test a brand new headphone with a set of older but fully functional pads to get closer to answering this question (as I already tested a brand new set of pads with an old headphone)...
EDIT: One ring, again, does almost nothing... Four rings are impossible to fit inside and would theoretically cause the headphone to sound too dark. And I, again, tested other materials as well... But felt just rocks.
EDIT 2: Forgot to add - measured with SA-31SE (around 1 ohm output impedance).