I wrote one of my long replies and accidentially deleted it so the short answer is "Yes" I think you could do a direct mount mono-shock i.e. no linkage. It would have to be a short shock to fit and mount on the cross brace of the CX500 swingarm and weld an upper mount in place. I measured my CX '78 and my Yamaha R1 shock (12" C/C with piggyback resevoir) It will fit but the spring rate would have to be high due to short leverage.
Cheers, 50gary
Cheers, 50gary