Since you have a 71, you should have a throttle friction adjust under the throttle control.
Just set your main idle screw for the correct RPM when the engine is a t full operating temp.
For cold start, put some friction on the throttle, enough so it will stay in place. Apply full choke and start. Adjust the twist grip for fast idle. Back off the choke to about 3/4 applied.
You can now drive off, and incrementally remove choke in bits, till it is off while riding. When warmed up, you can back off the throttle tension so it will return to idle.
The 500/550 is not even close to cold blooded, particularly when compared to the 750 (assuming no mods from stock). It has less mass to warm up and hotter spark plugs than the 750.
In fact, I don't allow it to have a stationary warm up. Suit up ready to ride, apply choke, start, and drive off. You only apply enough choke so that the engine will take throttle for some acceleration. Your hand is on the throttle to keep high idle, and after a block or two the choke has gradually been moved to off.
Drive on...