In addition to "no connector available", I notice that the HR500 also doesn't have the circuitry to generate the ALC signal.
The "no connector available" you can solve by modifying the power board - I would consider removing +5V to pin 1 of the DE9 connector, which I don't use, however I do wonder about the use case of said ALC signal.
The problem is going to be to add circuitry to provide the ALC signal. There's also no space on the internal cabling.
ALC is used to tune-back a transmitter that is generating too much drive. When ALC operates, it creates distortion so your better bet, IMHO, would be to avoid the need for the signal at all.
I can think of two reasons to do ALC - if you're accidentally drive up the drive power too much on your QRP radio, like a 705,
There is also a Very Wrong Reason, to drive back a 100W-capable radio like a 7300 to make it compatible with the HR500. For the latter, my advice is simply "don't" - it take RF power to trigger the ALC circuit, that RF power (of a 100W radio) is already damaging your FETs before the ALC circuit is able to kick in and reduce the drive. If you're lucky, you create horrible distortion and splatter, if you're unlucky, you need new FETs. There are rumors that hobbypcb is adding a feature for this, but frankly it would defeat the point of the HR500 to me - just to bring an RF signal from 100W to 500W, I don't see the point for a HR500.
With a QRP radio, like a 705, 817, K3, K2, the max output power is much less and (hopefully) doesn't cause damage if too much drive is given before the protection in the HR500 kicks in. I have modified the HR500 firmware, and in my case, when a protection event happens (excess input drive, excess output, poor SWR, excess current) the KR500 disables, latches the event and requires the operator to manually acknowledge the mistake he made. I accidentally triggered this a few times and can tell that is quite effective.
So, in-brief, IMHO I agree with Jim that an ALC is not required, not for the 705. You may want to watch when you go to a new band (which you need to do anyway, since the gain of the HR500 varies per band). And perhaps you may want to ask ICOM to add an output-level-per-band feature - afaik firmware development of the 705 is still active.
73, Geert Jan PE1HZG