501 fork or not?

You are probably right to assume that 501 is used in the main frame only, not that there's necessarily anything 'bad' about that. While it may weigh a bit more, beyond that, well, there seems to be a never ending debate about the 'feel' of various tubing materials. As long as you are happy with the bike that's the most important factor.
Only experience I have with 'cold setting' is bending mech hangers back into alignment. You'll need plenty of leverage and some try and error 'till you a get a feel for it. Certainly worth having a go, I reckon. Good luck!
 
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