Opinion of 81 650.... I have a few 500/550's, my favorite 4 because of the size and the lower than the 750 center of gravity.
Came across a 80 650, really close to the 500/550 frame, a little different stance , heavier swing arm, longer forks, comstock wheels..... More power and handles better than 500/550 (I think)
Picked up an 81 650, Dual front discs, we want that and have been watching the threads for the upgrade , and allot of members have done it , the rest of us are planning to convert.
Problem I've run into on the 81 is the trees are wider so it doesn't accept clubmans, the tank is a little different in position so drag bars are too low and bump the tank a low rise superbike bar doesn't work for me either. I've seen some people use a riser system to use the bars they want but I'm not sure where they put the tree mounted fuse panel. Another thing to consider would be the angle of the mastercylinder if using a drag or superbike bar , as the master was built for an downward angled bar. The clubmans will work upside down and spun around and the mastercylinder angle won't be an issue and would provide decent clearance..... depends what kind of look you're after.
Same good power as the '80, but as mentioned previously the 81 has air assist forks, haven't noticed much difference between the two.
Lastly the 650 is a direct, no screwing around, fit for a 500/550 frame except for the wiring.
That machine that you've picked up looks to be in wonderful shape, shouldn't be a challenge to get it the way you want... nice find... you may find the same enjoyment or more than the 750 if you set it up right.
Good luck with 'er and many happy miles.