Well I reckon the stem swap is probably gonna be the easiest solution as long as the top triple will accept the 500 stem, I have shortened stems before with good results.
I fitted a pair of Kawasaki ZZR1100 forks to a Suzy GS1000S frame a few years ago, and of course the stem was too long, on top of that the GS1000 stem wouldn't fit in the Kawasaki top triple either, so I pressed out the kawasaki stem, and on my lathe, used my parting tool to lop about an inch out of the centre, between the two bearing surfaces.
I then machined a solid steel 5 inch long "plug" and fitted it (with the help of the press) into each half of the stem, then after checking that it was true with a dial gauge, slotted and plug welded each section and then checked it again for trueness. I suppose I could have pinned it as well, but over the next year that I used it on the bike, (eventually swapping it for a Suzy GSXR1100 front end which dropped straight in) it was fine.
I certainly wouldn't advocate boring out the triples, there's not much meat there to start with, but as Noel has already mentioned, that wouldn't work anyway due to caliper spacing issues, etc. Cheers, Terry.