Nope, the 500 has solid lifters and needs adjustment.
It's a bit of a PITA, but I did mine with a feeler gauge and hand tools in under an hour, but I already had the tank and snorkel off. The special Honda tools aren't needed, and I'm not sure they'll even fit in there. The access plate in the front against the radiator and the one in the rear next to the airbox are the hardest, as you can barely get in there.
If a competent shop charges you more than 2 hours labor, they're screwing you. I did mine under one hour, and I'd never done it before. And I did not need to replace the o-ring gaskets, although I did take the time to clean them up and hit them with a coat of paint.