Well, MJ Stone has a 500 with the full Vetter treatment, fairing, bags, trunk. Now he doesn't weigh anywhere near 220, but figure the bags and trunk make up for most of the difference. During Relay Rally I he had no problems cruising in the 70mph range.
On the same trip my 550, with a windsheild, 220 pounds of me and probably 30-40 pound of misc stuff (I way overpacked) also easily cruised at 70mph with more available.
So yes, I would say that the 500 is plenty capable of that. He won't have a lot off speed left, but should have enough to keep from getting runover by a semi.