(Thanks for posting the pic correctly for me, Alan)
The 'European' 500 piston is the OEM item...
Initially RE used a locally made 500 piston, and piston failure in the early bikes was all but guaranteed prior to them swapping over to the better finished European item.
Unfortunately, piston failure is (was) nearly always outside the warranty period, and it is my belief that the factory chose to ignore the situation?!
The OEM piston is made to a std 'formula' that dictates 'X' taper, 'Y' ovality, etc etc, for close running clearance and quite operation. It is not too dissimilar in dims and weight to the original Redditch supplied item. It also fails in just the same way as the original Redditch item did: Skirt failure or Crown separation.
It is not just RE that this 'problem' applies to. Every Brit bike maker who fitted similar design (T-slot, split-skirt) pistons eventually suffered from skirt failure when the motors are reved too high too long. Unfortunately for the RE 500, part of the 'situation' stems from the deck-height of the piston in relation to the gudgeon pin; the crown is higher than in nearly all other similar bikes (with the exception of the 500 BSA).
Which makes it more susceptible to beating itself to death when ever piston slap is present...
Hence the advice to reduce the piston Top-land dia to no less than 0.028" smaller than the nominal bore size, to minimise the effects of the piston rocking at TDC & BDC (slap). But even that is no guaranteed cure, as the skirt is still going to flex.
Rev a 350 or 500/700/750 twin past 5500 rpm too often too long and the Oil ring will eventually fracture, and then the skirt fails too.
Split skirt T slot pistons' are not suitable for high revving motors. Experience dictates that if you want an older classic 500 motor to stay together with the OEM style piston, do not ever exceed 4000rpm. (55 mph in top)
If you insist of riding any faster, my experiences are that it is advised to replace the OEM piston by 6000m (10,000km). Even at that short a distance there will be evidence of skirt deformation; excessive oil consumption, piston slap, ring wear and compaction.
With no better than a 1-5 chance of eventual piston failure for the old 500; do you want to take a risk?
Keep the speed down, or fit a forged solid skirt piston...