Inside the engine, the primary chain reduction ratio was 2.000 on the Cb500, and 3.063 on the CB 550. With the stock sprockets on each bike, the 500 had a final drive ratio of 2.000, and the 550 had 2.176 ratio.
If you put a 37T sprocket on your 500 your engine will turn LOTS faster at cruise than a Cb550. I wouldn't want to cruise on the freeway with the engine winding that high. But, maybe for drag racing or the stoplight grand prix, it would be fun.
Cheers,