A 650 cam will definitely wake your 500 up however it's been a popular swap and 650 cams are getting harder to find and more expensive because sellers know they are popular with the 500/550 owners. You can use the 650 cam as it is however your tach won't be accurate because the 500/550 tachs have a different ratio than the 650 so you will need the tach drive from a 650 as well as either a 650 or 750 tach. You're also rolling the dice purchasing a used cam because it may already be severely worn.
I dropped a 650 cam in my 550 and it did wake it up especially at 6k and higher rpm however if I were to do it again I'd get a new cam from say Web cams, they're not cheap but once I added up the cost of finding a good used 650 cam, purchasing the 650 tach drive and another tach when added all up I didn't save all that much. On the other hand if I had purchased a new cam from web cams the cam itself would already be for a 500/550 so there wouldn't have been a need for the 650 tach or tach drive.