Not that it matters for the oil quantity topic. But, you are aware that the K2 Cb500 is a 73 model, right?
American CB500 Model years were 71, 72, and 73, with K0, K1, K2 designations. Do you have the 3 1/2 or 3 inch gauge dials?
Info source:
Honda Motorcycle Identification Guide 1988 American Honda Motor Co., In.
I don't have a scanner. Guess you'll have to trust I'm not pulling numbers out of my butt.

Though I could use my camera, I suppose.
Here's some more data from Non-Honda sources:

Haynes manual printed 1976 for CB400-Cb550 1973 on:
Front Fork Capacity 155-165cc (5.3-5.8 oz)
Refill after draining 140-145cc (4.7-4.8 oz)
Chilton ; Honda Fours printed 1974
SAE 10-30W oil or ATF:
500, 550 - 5.4 oz (160 cc)
Clymer ; Honda Service - Repair Handbook printed 1975
SAE 10-30W oil :
500, 550 - 5.4 oz (160 cc)
I don't like the idea of using motor oil, as it can foam up when agitated in forks. I've used ATF (it has anti foaming qualities). But, I generally like a higher viscosity oil. So, I use either 10 or 15 W Fork oil. I remember the quantity also had an effect on firmness.
Cheers,
P.S. I picked up the carb gaskets sets Friday. But, I'm going wait for the garage temps to go down below 100 before I rebuild those carbs.