Plus a 71 CB500 is a a K0, it was the first model in the series. That makes it cooler in general. Think of it as putting a big block in a small block equipped car...sort of.
Then you can go lightweight with plastic fenders (keep the front brace though) and lighter directionals, plastic H-4 headlight, modern electronics (Pinhead style)
Throw on some alloy rim hoops, swiss-cheese everything, do a 520 chain& sprockets with gearing to suit your needs, you can drop a bunch of weight these ways then add sticky tires like BT45's or Bridgestone S-11's, and the list just doesn't end. The 500K0 is a way cooler bike to begin with.
I wonder if a 650 engine weighs less than a 500?
-Alan