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My release lever is broken too. It has a little "bobble" on it that prevents the light coming out without depressing the lever. Mine got put on and removed twice a day for 1.5 winters and a combination of wearing bobble and less springy lever made it come out easily. A crash finished it off.
The light lives on or it would if I could mount it. Local shops couldn't help. I'll email Cateye this weekend and post if I get a reply. Actually I'd prefer to use a Hope/Exposure style clamp both of which are much nicer. I can't see how to modify it appropriately though.
Which 500? That number refers to various models. I have a HL-EL500 somewhere with damage to the slide rail but an intact release lever. If I can find it, we may have one good light between us.