Well,
Can't get a title, WI blocks all title agencies, and there is NO WAY IN HELL to get one from the WI DMV. I've tried before.
Engine does turn over. First thing I checked when I got it.
I've got a junk XS-650 in my backyard I could steal the carbs from. The 500 is actually in surprisingly good condition rust/corrosion wise, especially compared to my 650 (imagine a bike having been submerged for more than one year). The 650 has good carbs, but with no title....I just don' know.
I'm thinking of buying an early 80's 650 and transplanting the seat/gas tank/side covers from the 500 onto it, to make a hybrid old/new bike, or maybe even finding a titled running 500 and doing a parts swap from there. It's up in the air, but I don't think I'll junk it or part it at this point. Thanks for all the input, guys!