Wow. it didn't look anything like that when I had my valves adjusted. They used this shim looking thing to get a reading on how off it was then just a magnet on the end of a stick to pull out the little insert and then droped the corrected sized one in place of what they took out.

 

Yours is a differnt bike, Azrael. Your valve clearances are adjusted by inserting shims of differing thicknesses, whereas the mighty 500 uses a screw-locknut assembly that can practically be done on the side of the road with no additional parts.


Your bike (like my ZX9R) requires removing the cam, magneting out the cam followers (affectionately known as buckets), and changing the shim. It's superior from a performance perspective because it involves fewer moving parts. BUT it's a seriously PITA to remove the camchain-tensioner, cam caps, camshaft and bucket every time one valve gets a little tight:

http://www.calamarichris.com/zx9r/valveadj8.htm
Peace!
-CCinC

 

that tool you showd a link too will be great , its the best tool that ive found is for this job, and out of the 3 main tappets desing is by far the most cake, Also they new 07 r1dropped the 5 valve design and went with the normal 2+2 per cylinder, the shim underbucket and the shom over bucket are the two other types good luck with that valve job, get the motor at TDC for cly number 1, look in the manual but im sure you can doo all of cly 1, exhaust on 2, inlet on 3, and im not sure about 4, but just verify in manualhmm ok stick the the feeler gauge between the screw and valve, and adjust the valve until you feel a nice constistant drag, lock the nut down and move on, its cake really