Welcome to the club
first of all, you'd have to race quite a bit or at least have a lot of track time to say: "From that statement I'd put my money on the 500 winning on the track against a 750."
Until you are at a pretty high level, riding skill / race craft counts for a lot more than power/handling, you'd be surprised by the lap times a race tuned CB350 twin can put.
In any case, common knowledge round here is that a fast 750 is quite a lot more expensive to put together than a 500/550.
On the other hand, I raced a 500 for four seasons, got some nice results but at 6'4" always felt cramped on it. Moved on this year to a bigger bike and surprise, surprise, my lap times havent dropped much at all.
Go to some vintage meetings, talk to people, get a real feel of how these bikes look like, much better education than any forum.....
TG