Yup, just do it man! The CB500 is the perfect touring bike! Plenty of power, nice handling, smooth, reliable, and comfortable. I had the time of my life in the summer of 2010 riding mine around the country. Deltarrider will cringe at this photo, but this was our luggage setup. Yup, our, as in my wife and I. We rode two up with all this crap.

It didn't handle that badly. It actually handled rather well considering the load. We had aftermarket shocks with heavy springs, new wheel bearings, and roller steering head bearings.
The key is to know the bike well. As others have said, do maintenance before you go. Start with a newish chain and sprockets, tires, cables, etc. There is little that will break that you can't fix on the roadside if you're prepared. We carried a few basic tools to do maintenance, as well as things like a tube patch kit, some electrical tape, fuses, cable ties, etc. Luckily we didn't use much of this stuff.
We did have a first gear failure halfway through the trip, but were told to just continue on which is what we did! You will hear things about the CB500 transmission. I have to say they're not that bad. Overall it's a very reliable bike, but the clutch and shifter are not up to par. The shift forks can bend slightly for example. But I would not let this stop you. If you've got a good solid running bike, run it. The chances of sudden shifting/transmission failure are not that good. I am still not entirely sure what happened with my bike, but I think I was one of the unlucky few for whom the CB500 clutch/transmission/shifter setup just would not work. Keep in mind how hard I was working the bike, too. We were 5k miles into a trip when it broke!
Anyway, there's lots of good advice already so think about what kind of trip you want to do and go form there. The bike will be game for anything!