I converted a Canon 200MM F4 macro using Ed Mika's FD adapter. The adapter cost me $99 and it took me about 20 minutes to do the conversion. Things to keep in mind:
1) No AF confirmation, there are chips you can attach to the adapter but their usefulness seems to be questionable.
2) Stopped down metering/focusing, no big deal(if using LV), focusing will be a major issue at smaller apertures through the viewfinder.
3) My lens does show some fringing wide open, issue goes away at smaller apertures. I imagine AF lenses are optimized for AF bodies.
4) Ed Mika's adapter is made out a synthetic material, nothing wrong with it, it has worked just fine so far -- but there is this uneasy feeling that it's "plastic". There was a fellow on Ebay also selling those adapters in stainless steel, but his selection was not as big as Ed's.
I already had the lens so my total investment was just the cost of the adapter. I would not buy the lens and then modify it, it doesn't seem worth the expense and inconvenience, specially for a 500mm which would be used in far more dynamic environments than a macro lens.