top speed has too many variables to be a true sign of good tune. head wind, worn chain, gearing, binding brakes as well as rider "size"
Dyno's on the other hand are much more precise, so simple to use nowadays and the HP/torque graph wil give you much more information about your engine.
Dont know about 500's, but cycle mag dynoed the 550 back then. 38 rwhp was the veredict if I remember right, so a top notch STOCK 500 should do 35 rwhp, a tired one around 32 I'd guess.
TG