This looks like a fun project. Allot of 650 parts are transferable , especially the swing arm*, it's about an inch and a half longer and the tire arch is further away from the axle allowing more room for wider tires, of course you still must take note of chain and brake clearance. With this application the shocks will be layed down a little further than stock 500/550 and depending on tire height ... choice of shock length could be a consideration.
I did a swap similar to this a couple years ago, and I used a complete 650 harness because I had one, another member her , I think without looking it up, it was ScottS, did his with the original harness, and a Pamco ignition that was wired in by a different member and the thread didn't go into specifics on what extra wiring ,if any was needed. I haven't done one that way yet so I can't tell you which is easier or better, but I can tell you that the 650 harness electronic peicesparts are more expensive than 500 wiring for sure.
Chain size is different too with 500, I went all 650 because I had the 650 wheels too. Don't know what parts you have to play with in that department... so it could be mix and match or something as simple as swapping out the drive sprocket .OOOps, I see you went with the 750 hub...don't know if there will be chain size difference after all.
The 500 is a very nice machine for sure but once you are able to drop the 650 engine in after riding the 500.... well... it's night and day. A beneficial upgrade, I think. Enough giddyyap go to make a noticeable difference. I'm interested to see what you do.
* 500 frame swing arm bolt holes will need to be drilled to accept larger 650 swing arm bolt