For what it's worth (and with all necessary disclaimers about bricking your 505), I successfully applied the hacks to my 505 by reading translated instructions from:
I extracted the zip to a blank SD, then copied the .img file labeled:
"with new icons, listaniem joystick forward and clocks" (google's bad translation)
as newopt.img over the one on the SD
booted up with the card and flashed.
I've missed the little clock and the standardized menu font size Soooo much since upgrading to the 505. Now I'll have to seriously consider whether I really want to upgrade to the new firmware.