You can wire it through the solenoid, but it won't interrupt the mUnit signal from START. With your diagram and using the mButton, the START switch is going to activate the IGN port no matter what you do with a CLUTCH or NEU switch. This is one reason why I never use an mButton.
True, the 500 never had a safety switch, but 550s did.
Fair enough, but will it prevent the starter motor from turning?
Alternatively, I could wire the start button in series through the clutch switch, but that's a lot of wire and somewhat defeats the purpose of the mButton.
EDIT: That is, of course, if a clutch switch existed on the cb500, which it doesn't.