Did you get fresh fuel?
Also get new plugs,they are cheap enough.
http://www.pdsrecording.site90.com/cxgl500/Plugs.htmClean every and ALL electrical connections.The age will have corroded them or left a patina on them,
http://www.pdsrecording.site90.com/cxgl ... ctrics.htmCheck Spark plug caps,
viewtopic.php?f=8&t=84If you need a new pair(Recommended) they can be a bit tricky to find over there but this UK company are used by many in North America and are superb.Pick a few useful things if you do buy from them to cover postage,
http://www.wemoto.com/bikes/Honda/CX_500_A/79-80/The spark plug caps on that page are none resistor types that will work with any model and are better than the resistor types(Less to go wrong/corrode).
Does the bike use a Vacuum Petcock?
If so,
viewtopic.php?f=19&t=290&hilit=vacuumIt may be preventing the fuel flow.