When I began riding Fours in the late seventies, some would have extra gauges as shown below. That brand was Racimex, but I have seen similar products which had both the names VDO and Honda in their dials. I do not know whether these were genuine Honda approved products or counterfeit. They looked very plastic and I’ve not seen many of them. From an esthetic point of view one can say that the two gauges ‘echo’ somewhat the original layout (speedo and tacho). Good thing was that they were in the view of the rider. Dipstick thermometers are not and I consider them outright dangerous. Sooner or later riders will be tempted to look down whilst riding. On a twowheeler it takes very, very little distraction to find yourself in the lane of oncomers.
Gauges just registrate, but do not warn. Best way would be an audible alarm as in aviation and shipping. On a motorcycle such an alarm is hard to achieve as we wear helmets. So we’ll have to settle with visual alarms. Basically, three leds would be sufficient. Blue would indicate that the oil has not reached its working temperature (yet). All extinct would mean: working temperature reached. Yellow would tell us we are approaching limits and red would inform us that the oil is too hot. Such led thingies already exist for voltage. They're so small, they can be hidden in between the speedo and the tacho without spoiling the looks of your classic.
Honda has always been praised for design in safety/ergonomics. A temp dipstick would turn Soichiro Honda in his grave.
Maybe there's some member here who could design the led idea. Somewhere in my archives I have which resistance in a common VDO brass sender relates to which temperature.
One could argue over the settings, but it could be something like:
Led indicates:
Blue: < 80o C
All extinct: 80o – 110o
Yellow: 110o – 130o
Red: > 130o
As far as the CB500 no worries. I remember a German who would ride his to the limit. He never reached a higher oil temp than 130o C. BTW, that's the oil temperature I have often seen on the VDO gauge in the old aircooled VW transporters we used in the 70s.