Hello at all!
I have done this modification in the early ninetieths.
It works very well since that time.

This pic shows the situation in the CB650 case.

Here you can see some measurements i have done on a CB650 case.

These are the things you need. An oilpan from the CB650, the tensioner unit and the pickup from the CB650.

I have brazed a nipple to the CB650 pickup. It could be done with a bored mild steel pin.
I have done this on a lathe. It reaches down to the screen of the pickup.

Here the parts are sticked together as they will be screwed into the case.
The tensioner will not fit with the CB500/550 oilpan. It reachs too far down.
Perhaps it´s possible to modify the tensioner at the bottom so it could be used with the CB500/550
oilpan and the CB500/550 pickup.
I haven´t attempted this since yet but i should do it.
Regards, Heinz