Here what has always worked for me. Shown below are the CB500/550 ignition parts from behind the cover.
Normally adjusting the ignition timing, if needed at all (!), can be limited to simply readjusting the breaker points gap. Period. That's how the Honda mechanics did it back then. Again... if needed. It makes sense: the plates are for ever firmly held in position by their screws, so an eventual off timing originates only where there is wear in play. That's at the breakerpoints: could be pitting, could be the fiber followers. With genuine Honda parts and a slightly lubed felt there will not be much wear.
Most of you have manuals and in them you will always find the full procedure prescribed. This is to cover that special event when things were taken apart completely. I have done this twice (in 40 years!), the first time out of curiosity and the second time to service the advancer. Not that it was needed; I did it anyway, out of precaution.
Many times you will read here that you are not to use the 'special washer' (Hondaspeak) for cranking, unless sparkplugs have been removed. Maybe this is advisable for other CB models, on CB500s and CB550s I never had a problem. Can you damage the hexagon? Sure, you can. You can round it. But it isn't there for nothing. Just do it the right way. If you take care, you can do it with a good quality adjustable wrench like an original Bahco. I've done it multiple times when on the road and I still have the original hexagon. In the garage I prefer a 23mm socket on a T-handle however. With the bike on the side stand, leaning over a bit, I find it quite doable to exercise pressure to keep the socket in place, against the hexagon. The extension bar is there, since my bike has crash bars fitted. Many of you can do without. By using a T-handle there's little risk rounding the heaxagon and you can turn the crank clockwise no prob. Ofcourse it's best done when the engine is cold. So there's no urgent need to remove the plugs and, frankly, I estimate the risk something goes wrong removing the plugs and then fitting them again higher than damaging that 23mm hexagon.
Let's assume you couldn't fight your curiosity and have taken things apart (see pic) and now it's time to reassemble. Here's a tip. From an old credit card, cut two corners; two little pieces that you slide between the breakerpoints. On the right you see one such piece on the floor. The second one is already in between the left breakerpoints. These pieces will make reassembly much easier: you don't have to fight the breakers springload when you fit the plate assembly over the advancer cam. The pieces have a thickness of around 0,5 mm and that is enough to make it easy to fasten the central 6mm bolt correctly: right in the middle of the 'special washer'. Provided you have genuine Honda parts, you can safely centrate the plate by fastening the three crossheads. Remove the plastic pieces. Done. If the ignition timing was OK or close before, you have ofcourse made a little scratch from the ignition plate to the crankcase to facilitate a precise aligning or at least have some reference. Success!