Thanks Daz.
I want to keep to upgrades of that period and keep it looking original so won't go for the oil cooled engine.
I'm finding conflicting info on the performance difference between 500 & 550. some sources suggest it's around 5hp, others suggest around 20hp. It's not currently running so I have no idea what it goes like. If it's a 20hp difference, then I'll definitely go for the 550 conversion