I say keep it- there are too few things made for the 500/550 anymore, and that really jazzes up the tired old standard look!
I just switched from stock bars to a set of drag bars on 4" risers on my 550. I angled the risers back about 4 inches from linear, so they just clear the tank. They come back toward me enough so I can reach them, but they're not so high as the stock bars were (6" rise).
I think you could easily ride the 500 with drags on, but clubmans and clipons really pitch you over the tank, hence you may be reaching for the bars a bit. Personally, I think the 500/550 was originally designed for someone of your stature, as I have found it, at my 5'10" size, to be just a little short front-to-back.
There's a link in the FAQ to a place that has really cheap clubmans. They also have really cheap drag bars, $15 or so I think. Not so bad just to try it out, and if you don't like it, you can always return them or sell them on ebay.